Adolfson, Malin, Stefan Lase en, Jesper Lind e, and Mattias Villani. 2007. “Bayesian estimation of an open economy DSGE model with incomplete pass-through.†Journal of International Economics 72:481–511.
Almeida, Vanda, Gabriela Castro, and Ricardo Mourinho F elix. 2010. “Improving competition in the non-tradable goods and labour markets: the Portuguese case.†Portuguese Economic Journal 9 (3).
- Almeida, Vanda, Gabriela Castro, Ricardo M. F elix, Paulo J ulio, and Jos e R. Maria. 2013a.
Paper not yet in RePEc: Add citation now
- Almeida, Vanda, Gabriela Castro, Ricardo Mourinho F elix, and Jos e R. Maria. 2010.
Paper not yet in RePEc: Add citation now
Anderson, Derek, Benjamim Hunt, Mika Kortelainen, Michael Kumhof, Douglas Laxton, Dirk Muir, Susanna Mursula, and Stephen Snudden. 2013. “Getting to know GIMF: The simulation properties of the Global Integrated Monetary and Fiscal Model.†Tech.
Auerbach, Alan and Yuriy Gorodnichenko. 2012. “Fiscal Multipliers in Recession and Expansion.†In Fiscal Policy after the Financial Crisis, NBER Chapters. National Bureau of Economic Research, Inc.
Auerbach, Alan J and Yuriy Gorodnichenko. 2010. “Measuring the output responses to fiscal policy.†Tech. rep., National Bureau of Economic Research.
Barro, Robert J. 1981. “Output Effects of Government Purchases.†The Journal of Political Economy :1086–1121.
Barro, Robert J. and Charles J. Redlick. 2011. “Macroeconomic Effects From Government Purchases and Taxes.†The Quarterly Journal of Economics 126 (1):51–102.
Baum, Anja, Marcos Poplawski-Ribeiro, and Anke Weber. 2012. “Fiscal Multipliers and the State of the Economy.†.
Baxter, Marianne and Robert G King. 1993. “Fiscal policy in general equilibrium.†The American Economic Review :315–334.
Bayoumi, T. and S. Sgherri. 2006. “Mr Ricardo’s great adventure: Estimating fiscal multipliers in a truly intertemporal model.†Working Paper No. 06/168, International Monetary Fund.
Beetsma, Roel and Massimo Giuliodori. 2011. “The Effects of Government Purchases Shocks: Review and Estimates for the EU*.†The Economic Journal 121 (550):F4–F32.
Beetsma, Roel, Massimo Giuliodori, and Franc Klaassen. 2008. “The effects of public spending shocks on trade balances and budget deficits in the European Union.†Journal of the European Economic Association 6 (2-3):414–423.
Bernanke, B.S., M. Gertler, and S. Gilchrist. 1999. “The financial accelerator in a quantitative business cycle framework.†Handbook of macroeconomics 1:1341–1393.
Blanchard, Olivier and Roberto Perotti. 2002. “An empirical characterization of the dynamic effects of changes in government spending and taxes on output.†the Quarterly Journal of economics 117 (4):1329–1368.
Blanchard, Olivier J and Daniel Leigh. 2013. “Growth forecast errors and fiscal multipliers.
Blanchard, Olivier. 1985. “Debts, deficits and finite horizons.†Journal of Political Economy 93 (2):223–247.
Buiter, Willem. 1988. “Death, birth, productivity growth and debt neutrality.†The Economic Journal 98 (391):279–293.
Burnside, C, M Eichenbaum, and J Fisher. 2004. “Fiscal shocks and their consequences.†Journal of Economic Theory 115 (1):89–117.
- Castro, Gabriela, Ricardo M. F elix, Paulo J ulio, and Jos e R. Maria. 2013. “MacroFinancial Linkages in a Small Euro Area Economy.†Mimeo .
Paper not yet in RePEc: Add citation now
Chahrour, Ryan, Stephanie Schmitt-Grohe, and Martin Uribe. 2012. “A Model-Based Evaluation of the Debate on the Size of the Tax Multiplier.†American Economic Journal: Economic Policy 4 (2):28–45.
Christiano, Lawrence, Martin Eichenbaum, and Sergio Rebelo. 2011. “When Is the Government Spending Multiplier Large?†Journal of Political Economy 119 (1):78–121.
Christiano, Lawrence, Roberto Motto, and Massimo Rostagno. 2010. “Financial factors in economic fluctuations.†Working Paper Series 1192, European Central Bank.
Cogan, John F, Tobias Cwik, John B Taylor, and Volker Wieland. 2010. “New Keynesian versus old Keynesian government spending multipliers.†Journal of Economic dynamics and control 34 (3):281–295.
Corsetti, Giancarlo, Andre Meier, and Gernot M uller. 2012. “What Determines Government Spending Multipliers?†IMF Working Papers 12/150, International Monetary Fund.
Corsetti, Giancarlo, Keith Kuester, and Gernot M uller. 2011. “Floats, pegs and the transmission of fiscal policy.†.
Eggertsson, Gauti B. 2009. “What fiscal policy is effective at zero interest rates?†Staff Report No. 402, Federal Reserve Bank of New York.
- Either.†American Economic Journal: Economic Policy 4 (2):214–37. Ramey, Valerie A. 2011a. “Can government purchases stimulate the economy?†Journal of Economic Literature 49 (3):673–685.
Paper not yet in RePEc: Add citation now
Eyraud, Luc and Anke Weber. 2013. “The Challenge of Debt Reduction during Fiscal Consolidation.†.
Favero, Carlo and Francesco Giavazzi. 2012. “Measuring Tax Multipliers: The Narrative Method in Fiscal VARs.†American Economic Journal: Economic Policy 4 (2):69–94.
Favero, Carlo, Francesco Giavazzi, and Jacopo Perego. 2011. “Country heterogeneity and the international evidence on the effects of fiscal policy.†IMF Economic Review 59 (4):652–682.
Fornari, Fabio and Livio Stracca. 2013. “What does a financial shock do? First international evidence.†ECB Working Paper No. 1522, European Central Bank.
Freedman, Charles, Michael Kumhof, Douglas Laxton, Dirk Muir, and Susanna Mursula. 2009. “Fiscal stimulus to the rescue? Short-run benefits and potential long-run costs of fiscal deficits.†Working Paper No. 09/255, International Monetary Fund.
Frenkel, Jacob and Assaf Razin. 1996. Fiscal Policies and Growth in the World Economy.
- Gal ı, Jordi, J David L opez-Salido, and Javier Vall es. 2007. “Understanding the effects of government spending on consumption.†Journal of the European Economic Association 5 (1):227–270.
Paper not yet in RePEc: Add citation now
- Hall, Robert E. 1986. “The role of consumption in economic fluctuations.†In The American Business Cycle: Continuity and Change. University of Chicago Press, 237–266.
Paper not yet in RePEc: Add citation now
- Harrison, Richard, Kalin Nikolov, Meghan Quinn, Gareth Ramsay, Alasdaur Scott, and Ryland Thomas. 2005. The Bank of England Quarterly Model. Bank of England.
Paper not yet in RePEc: Add citation now
Ilzetzki, Ethan, Enrique G. Mendoza, and Carlos A. V egh. 2010. “How Big (Small?) are Fiscal Multipliers?†NBER Working Papers 16479, National Bureau of Economic Research, Inc.
- IMF. 2011. Separated at Birth? The Twin Budget and Trade Balances, chap. 4. World Economic and Financial Surveys. World Economic Outlook: Sep.2011, 135–160.
Paper not yet in RePEc: Add citation now
International Monetary Fund. Kumhof, Michael, Dirk Muir, Susanna Mursula, and Douglas Laxton. 2010. “The Global Integrated Monetary and Fiscal Model (GIMF) - Theoretical structure.†IMF Working Paper 10/34, International Monetary Fund.
International Monetary Fund. Villa, Stefania. 2013. “Financial Frictions in the Euro Area: a Bayesian assessment.†ECB Working Paper No. 1521, European Central Bank.
Kilponen, Juha, Helvi Kinnunen, and Antti Ripatti. 2006. “Population ageing in a small open economy – some policy experiments with a tractable general equilibrium model.†Research Discussion Papers 28/2006, Bank of Finland.
Kim, Chang-Jin and Charles R Nelson. 1999. “Has the US economy become more stable? A Bayesian approach based on a Markov-switching model of the business cycle.†Review of Economics and Statistics 81 (4):608–616.
Levin, Andrew, Fabio Natalucci, and Egon Zakrajsek. 2004. “The magnitude and cyclical behavior of financial market frictions.†.
Liu, Philip and Haroon Mumtaz. 2011. “Evolving macroeconomic dynamics in a small open economy: an estimated Markov-switching DSGE model for the UK.†Journal of Money, Credit and Banking 43 (7):1444–1474.
Liu, Zheng, Daniel F Waggoner, and Tao Zha. 2011. “Sources of macroeconomic fluctuations: A regime-switching DSGE approach.†Quantitative Economics 2 (2):251–301.
- Monacelli, Tommaso and Roberto Perotti. 2008. “Fiscal policy, wealth effects, and markups.†Tech. rep., National Bureau of Economic Research.
Paper not yet in RePEc: Add citation now
Muir, Dirk and Anke Weber. 2013. “Fiscal Multipliers in Bulgaria: Low but Still Relevant.
Nakamura, Emi and J on Steinsson. 2011. “Fiscal Stimulus in a Monetary Union: Evidence from U.S. Regions.†NBER Working Papers 17391, National Bureau of Economic Research, Inc.
- Negro, Marco Del and Frank Schorfheide. 2012. “DSGE model-based forecasting.†Staff report 554, Federal Reserve Bank of New York.
Paper not yet in RePEc: Add citation now
- Paper No. 23/2010, Banco de Portugal.
Paper not yet in RePEc: Add citation now
Perotti, Roberto. 2005. “Estimating the effects of fiscal policy in OECD countries.†.
Quarterly Journal of Economics 126 (1):1–50. Ramey, Valerie A and Matthew D Shapiro. 1998. “Costly capital reallocation and the effects of government spending.†In Carnegie-Rochester Conference Series on Public Policy, vol. 48. Elsevier, 145–194.
Research. Coenen, G unter, Christopher Erceg, Charles Freedman, Davide Furceci, Michael Kumhof, Ren e Lalonde, Douglas Laxton, Jesper Lind e, Annabelle Mourougane, DIrk Muir, Susanna Mursula, Carlos de Resende, John Roberts, Werner R oeger, Stephen Snudden, Mathias Trabandt, and Jan in’t Veld. 2012. “Effects of fiscal stimulus in structural models.†American Economic Journal: Macroeconomics 4 (1):22–68.
Roger, Scott and Jan Vlcek. 2012. “Macrofinancial Modeling at Central Banks: Recent Developments and Future Directions.†IMF Working Papers No. 12/21, International Monetary Fund.
Romer, Christina D. and David H. Romer. 2010. “The Macroeconomic Effects of Tax Changes: Estimates Based on a New Measure of Fiscal Shocks.†American Economic Review 100 (3):763–801.
Schmitt-Grohe, Stephanie and Martin Uribe. 2003. “Closing small-open economy models.†Journal of International Economics 61:163–185.
- Shoag, Daniel. 2010. “The Impact of Government Spending Shocks: Evidence on the Multiplier from State Pension Plan Returns.†Job market paper.
Paper not yet in RePEc: Add citation now
Technical Appendix.†Mimeo . Almeida, Vanda, Gabriela Castro, Ricardo M. F elix, and Jos e R. Maria. 2013b. “Fiscal consolidation in a small euro area economy.†International Journal of Central Banking (forthcoming) .
Woodford, Michael. 2011. “Simple Analytics of the Government Expenditure Multiplier.†American Economic Journal: Macroeconomics 3 (1):1–35.
- Yaari, Menahem. 1965. “Uncertain lifetime, life insurance and the theory of the consumer.†The Review of Economic Studies 32 (2):137–150.
Paper not yet in RePEc: Add citation now