Bordo, Michael D.; Haubrich, Joseph Gerard - 2020
current global environment? In this paper we build on recent econometric work by Shi, Phillips, and Hurn that detects changes … historical data going back to the 19th century for the United States and more recent data for the United Kingdom, Germany, and … Japan. This paper is similar in spirit to Ramey and Zubairy (2018), who look at the government spending multiplier in times …