We present evidence on the open economy consequences of US fiscal policy shocks identified through proxy-instrumental variables. Tax shocks and government spending shocks that raise the government budget deficit lead to persistent current account deficits. In particular, the negative response of...

We present evidence on the open economy consequences of US fiscal policy shocks identified through proxy-instrumental variables. Tax shocks and government spending shocks that raise the government budget deficit lead to persistent current account deficits. In particular, the negative response of...

We estimate the effect of government spending shocks on the US economy with a time-varying parameter vector autoregression. The recent Great Recession period appears to be characterized by uniquely large impulse responses of output to fiscal shocks. Moreover, the particularity of this period is...

Das Buch untersucht, wie sich die Wirkungsweise internationaler Wirtschaftspolitik durch die Einbeziehung von Multinationalen Unternehmungen (MNU) verändert. In den bisherigen Arbeiten zu diesem Thema ist diese Einbeziehung vernachlässigt worden. Eine empirische Untersuchung (Kapitel 2) zeigt...