Giavazzi, Francesco; Jappelli, Tullio; Pagano, Marco - IGIER (Innocenzo Gasparini Institute for Economic …
We search for the circumstances in which the response of national saving to fiscal policy contradicts conventional Keynesian predictions, using data from 18 OECD countries. The data suggest that non-Keynesian effects are associated with large and persistent fiscal impulses. Such responses can be...