Fehrle, Daniel; Huber, Johannes A. - 2020
McGrattan (2007, Econometrica) for the Great Recession and the associated stimulus program in Germany 2008-2009. We include … wedges to the variables government consumption, durables, investment, labor, net exports, and efficiency. The results suggest … consumption wedge and in particular the durables wedge acted counter-cyclical. We attribute the latter to an internationally …