Afonso, António; Sousa, Ricardo M. - In: Economic Modelling 28 (2011) 4, pp. 1871-1890
We investigate the link between fiscal policy shocks and asset markets. Our results show that spending shocks have: a positive and persistent effect on GDP in the U.S. and in the U.K., while for Germany and Italy, such impact is temporary; a positive and persistent effect on housing prices; a...