, and adverse shocks in both source and recipient economies. We exploit a novel, rich panel data set, covering bilateral … negatively correlated with the business cycle in recipient countries, and increase in response to adverse exogenous shocks, such … conditions in the source province. Nevertheless, in the presence of similar negative shocks to both source and recipient …

quarterly data so that exogenous fiscal policy shocks can be identified. We estimate fiscal multipliers using a novel … methodology for identifying fiscal shocks within a structural vector autoregressive approach using annual data while controling …

shocks. …

systematic behavior of the autorities, reducing the effects of commodity prices shocks. Coherent with the model, we show cross …

different shocks. The source of outstanding liabilities also plays a role in the choice of policy instrument— macroprudential …

asset price channels) in VAR models. The timing and magnitude of these effects are assessed using impulse response functions …