application to a credit shock and additional examples highlight the broad relevance of the suggested methods …

-2022. Third, the reallocation of consumption between goods and service sectors, a relative sector-level demand shock, played a …

This paper investigates the response of real wages and hours worked to an exogenous shock in fiscal policy. We identify … this shock with the dynamic response of government purchases and tax rates to an exogenous increase in military purchases …

. 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 …

to which the leading shock candidates can explain fluctuations in output and hours. It concludes that we are much closer …

A central question in applied research is to estimate the effect of an exogenous intervention or shock on an outcome …