Caggiano, Giovanni; Castelnuovo, Efrem; Colombo, Valentina - Dipartimento di Scienze Economiche "Marco Fanno", … - 2014
We estimate nonlinear VARs to assess to what extent fiscal spending multipliers are countercyclical in the United States. We deal with the issue of nonfundamentalness due to fiscal foresight by appealing to sums of revisions of expectations of fiscal expenditures. This measure of anticipated...