U.K., Japan, France and Germany with respect to the United States is conducted. The resulting conclusion is that real …

follows. We find weak and shortlived return spillovers, in particular from the USA to Japan. Volatility spillovers are more …

This paper documents time variation in domestic fiscal policy multipliers in Germany, the UK and the US, and in cross …-border fiscal spillovers from Germany to the seven largest European Union economies. We propose two VAR models which incorporate … find that the domestic impact of tax shocks has been positive but vanishing for Germany and the US, stably not significant …