This paper estimates fiscal multipliers using quarterly data for a panel of nine developing Asian economies, following a vector autoregression model specification, but using local projections to extract the impulse responses. We provide evidence that the 4-quarter and 8-quarter cumulative...

Time-varying parameter (TVP) models are very flexible in capturing gradual changes in the effect of explanatory variables on the outcome variable. However, in particular when the number of explanatory variables is large, there is a known risk of overfitting and poor predictive performance, since...

This paper contains an empirical analysis of the dynamic effects of monetary policy on Swedish data within a framework consistent with the theoretical New-Keynesian type of small open economy models. Because of what appears to be time-varying seasonal patterns in the data, I argue that it is of...