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dc.contributor.authorBILBIIE, Florin Ovidiu
dc.contributor.authorMEIER, André
dc.contributor.authorMÜLLER, Gernot J.
dc.date.accessioned2016-09-02T15:29:23Z
dc.date.available2016-09-02T15:29:23Z
dc.date.issued2006
dc.identifier.issn1561-0810
dc.identifier.issn1725-2806
dc.identifier.urihttp://hdl.handle.net/1814/43105
dc.description.abstractUsing vector autoregressions on U.S. time series for 1957-1979 and 1983-2004, we find government spending shocks to have stronger effects on output, consumption, and wages in the earlier sample. We try to account for this observation within a DSGE model featuring price rigidities and limited asset market participation. Specifically, we estimate the structural parameters of the model for both samples by matching impulse responses. Model-based counterfactual experiments suggest that increased asset market participation accounts for some of the changes in fiscal transmission. However, the key quantitative factor appears to be the more active monetary policy of the Volcker-Greenspan period.en
dc.language.isoenen
dc.relation.ispartofseriesECB Working Papersen
dc.relation.ispartofseries2006/582en
dc.relation.isbasedonhttp://hdl.handle.net/1814/5015
dc.relation.urihttps://www.ecb.europa.eu/pub/research/working-papers/html/index.en.htmlen
dc.subjectGovernment spendingen
dc.subjectAsset market participationen
dc.subjectFiscal policyen
dc.subjectMonetary policyen
dc.subjectDSGEen
dc.subjectE21en
dc.subjectE62en
dc.subjectE63en
dc.titleWhat accounts for the changes in U.S. fiscal policy transmission?en
dc.typeWorking Paperen
dc.description.versionThe working paper is a revised version of a chapter 3 of the author's EUI PhD thesis, 2005


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