the leading shock candidates can explain fluctuations in output and hours. It concludes that we are much closer to …

This paper examines whether domestic and foreign productivity and fiscal policy changes can account for the wide swings … series on total factor productivity, government consumption and average tax rates in the U.S. and in an aggregate of the …, tracks the observed behavior of the U.S. trade balance rather closely, provided permanent country-specific productivity …

factorization of innovations. Impulse-response functions aiming to estimate the response of government expenditures to the shock …