Fiscal consolidations achieved by means of spending cuts are much less costly in terms of output losses than tax …

at containing inflation and the deviation of output from potential within pre-specified bounds. We develop formal tools … this loss function under weak assumptions may be estimated from realizations for inflation and output gap data even in the … parameters with respect to the inflation and output objectives during the Greenspan period. We formally test for and reject the …

We examine the dynamics of US output and inflation using a structural time varying coefficient VAR. We show that there … output volatility, while a combination of technology, demand and monetary shocks explain variations in the persistence and …

We examine the dynamics of output growth and inflation in the US, Euro area and UK using a structural time varying … coefficient VAR. There are important similarities in structural inflation dynamics across countries; output growth dynamics differ …. Swings in the magnitude of inflation and output growth volatilities and persistences are accounted for by a combination of …

We compare the output and unemployment effects of fiscal adjustments in different types of government outlays in the US … highest output losses and the lowest gains in terms of deficit reductions. This is because such shocks generate an additional …