. Specifically, we use sign restrictions to identify a government revenue shock as well as a government spending shock, while … controlling for a generic business cycle shock and a monetary policy shock. We explicitly allow for the possibility of … announcement effects, i.e., that a current fiscal policy shock changes fiscal policy variables in the future, but not at present …

due to a fiscal policy shock, as compared to when the rise in output is due to a positive technology shock. The cross … the rise in output follows from a favorable output shock …

We explore a view of the crisis as a shock to investor sentiment that led to the collapse of a bubble or pyramid scheme …

. Specifically, we use sign restrictions to identify a government revenue shock as well as a government spending shock, while … controlling for a generic business cycle shock and a monetary policy shock. We explicitly allow for the possibility of … announcement effects, i.e., that a current fiscal policy shock changes fiscal policy variables in the future, but not at present …