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Applied Economics Letters Volume 23, 2016 - Issue 8
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Original Articles

Time-varying effects of fiscal policy in Spain: a Markov-switching approach

Alejandro Ricci-RisqueteDepartment of Economics, University of Extremadura, Badajoz, SpainCorrespondence[email protected]
,
Julián RamajoDepartment of Economics, University of Extremadura, Badajoz, Spain
&
Francisco De CastroEuropean Commission, DG EFIN, Brussels, Belgium
Pages 597-600 | Published online: 22 Sep 2015

References

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  • Blanchard, O. J., and D. Leigh. 2014. “Learning about Fiscal Multipliers from Growth Forecast Errors.” IMF Economic Review 62: 179–212. doi:10.1057/imfer.2014.17.
  • Blanchard, O. J., and R. Perotti. 2002. “An Empirical Characterization of the Dynamic Effects of Changes in Government Spending and Taxes on Output.” The Quarterly Journal of Economics 117: 1329–1368. doi:10.1162/003355302320935043.
  • Bognanni, M. 2013. An Empirical Analysis of Time-Varying Fiscal Multipliers. Mimeo. Cleveland, OH: Federal Reserve Bank of Cleveland.
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  • De Castro, F., F. Martí, A. Montesinos, J. J. Pérez, and A. J. Sánchez Fuentes. 2014. Fiscal Policies in Spain: Main Stylized Facts Revisited. Documentos De Trabajo No. 1408. Madrid: Banco de España.
  • Ehrmann, M., M. Ellison, and N. Valla. 2003. “Regime-Dependent Impulse Response Functions in a Markov-Switching Vector Autoregression Model.” Economics Letters 78: 295–299. doi:10.1016/S0165-1765(02)00256-2.
  • Favero, C., F. Giavazzi, and J. Perego. 2011. “Country Heterogeneity and the International Evidence on the Effects of Fiscal Policy.” IMF Economic Review 59: 652–682. doi:10.1057/imfer.2011.25.
  • Gali, J., and R. Perotti, 2003. Fiscal Policy and Monetary Integration in Europe. NBER Working Papers 9773. Cambridge, MA: National Bureau of Economic Research.
  • Hamilton, J. D. 1989. “A New Approach to the Economic Analysis of Nonstationary Time Series and the Business Cycle.” Econometrica 57: 357–384. doi:10.2307/1912559.
  • Ilzetzki, E., E. G. Mendoza, and C. A. Vegh. 2013. “How Big (Small?) are Fiscal Multipliers?” Journal of Monetary Economics 60: 239–254. doi:10.1016/j.jmoneco.2012.10.011.
  • Kirsanova, T., S. Stehn, and D. Vines. 2006. Five-Equation Macroeconomics: A Simple View of the Interactions between Fiscal Policy and Monetary Policy. CEPR Discussion Paper No. 5464. London: Centre for Economic Policy Research.
  • Perotti, R. 2005. Estimating the Effects of Fiscal Policy in OECD Countries. CEPR Discussion Paper No. 4842. London: Centre for Economic Policy Research.

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