spending. We use a new quarterly dataset covering 1979:1-2007:4, and estimate a Bayesian Structural Autoregression model to … analyze the macroeconomic effects of fiscal policy. The results show that positive government spending shocks, in general … counter-factual exercise confirms that unexpected positive government spending shocks lead to important "crowding-out" effects. …

that, while primary spending does not seem to react to wealth composition or asset prices, taxes and primary surplus are …. The smooth transition regression model shows that primary spending and fiscal balance are adjusted in a nonlinear fashion … to both wealth and price effects, while the Markov-switching framework highlights the importance of tax cuts (in the US …

spending shocks have strong Keynesian effects for this group of countries while, in the case of government revenue shocks, a … tax hike is harmful for output. This suggests that there is no evidence in favour of ‘expansionary fiscal contraction’ in … the context of emerging economies where spending policies are largely pro-cyclical. Our findings also show that …

framework suggests that, while primary spending does not seem to react to wealth composition or asset prices, taxes and primary … prices increase. The smooth transition regression model shows that primary spending and fiscal balance are adjusted in a … nonlinear fashion to both wealth and price effects, while the Markov-switching framework highlights the importance of tax cuts …

This paper tests for nonlinear effects of asset prices on the US fiscal policy. By modeling government spending and … stock market developments (and not the dynamics of the housing sector). As for government spending, it is neutral vis …

Spain). We model primary government spending and government revenue as time-varying transition probability Markovian …. Similarly, in Spain, the spending-side of the fiscal policy plays a dominant role in stabilizing stock and housing markets. …

particular, the smooth transition regression model shows that primary spending and fiscal balance are adjusted in a nonlinear … fashion to both wealth and price effects, while the Markov-switching framework highlights the importance of tax cuts to offset …