. Specifically, we use sign restrictions to identify a government revenue shock as well as a government spending shock, while … controlling for a generic business cycle shock and a monetary policy shock. We explicitly allow for the possibility of … announcement effects, i.e., that a current fiscal policy shock changes fiscal policy variables in the future, but not at present …

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 develops a structural VAR model to measure how a shock to one country can affect the GDP of other countries …. It uses trade linkages to estimate the multiplier effects of a shock as it is transmitted through other countries' output …-trade matrix. For example, due to these output-multiplier effects, a shock to one country can have a large impact on countries that …