We analyze whether government spending multipliers differ by the sign of the shock. Using aggregate historical U …, the resulting multipliers do not differ by sign of the shock. Thus, we find no evidence of asymmetry of government …

institutional and structural changes that China has undergone. We find that increases in bank reserve requirements reduce economic … account. Overall, our results indicate that the monetary policy transmission channels in China have moved closer to those of …

This paper analyzes the quality of VAR-based procedures for estimating the response of the economy to a shock. We focus … question that has attracted a great deal of attention in the literature: How do hours worked respond to an identified shock? In … all of our examples, as long as the variance in hours worked due to a given shock is above the remarkably low number of 1 …