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The Resource A Primer on the Empirical Identification of Government Spending Shocks

A Primer on the Empirical Identification of Government Spending Shocks

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A Primer on the Empirical Identification of Government Spending Shocks
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A Primer on the Empirical Identification of Government Spending Shocks
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Summary
The empirical literature on the effects of government spending shocks lacks unanimity about the responses of consumption and wages. Proponents of shocks identified by structural vector autoregressions (VARs) find results consistent with New Keynesian models: consumption and wages increase. On the other hand, proponents of the narrative approach find results consistent with neoclassical models: consumption and wages decrease. This paper reviews these two identifications and confirms their differences by using standard economic series. It also uses alternative measures of government spending, output, and the labor market and shows that, although there are minor fluctuations within each identification, the disparate results between the two are robust to the alternative measures. However, under the structural VAR approach, the authors find some differences between the responses to federal and state/local government spending
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Engemann, Kristie M
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  • Owyang, Michael T.
  • Zubairy, Sarah
Label
A Primer on the Empirical Identification of Government Spending Shocks
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22681
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ICPSR22681.v1
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Access restricted to subscribing institutions
Label
A Primer on the Empirical Identification of Government Spending Shocks
Publication
Note
22681
Control code
ICPSR22681.v1
Governing access note
Access restricted to subscribing institutions

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