1980. Over the period 1955-1980 an expansionary spending or revenue shock was associated with modestly higher stock prices …. After 1980, along with a decline in the fiscal multiplier, the response of stock prices to the same shock became negative …

1980. Over the period 1955-1979 an expansionary spending or revenue shock was associated with modestly higher stock prices …. After 1980, along with a decline in the fiscal multiplier, the response of stock prices to the same shock became negative …

We present a weekly structural Vector Autoregressive (VAR) model of the US crude oil market. Exploiting weekly data we … structural shock that we label expectational shock. This shock plays a crucial role when describing the series of events that …