An Empirical Investigation of US Fiscal Expenditures and Macroeconomic Outcomes

In addition to containing stable information to explain inflation, state-local expenditures have also a larger share of the forecast error variance of US inflation than the Federal funds rate. Non-defense federal expenditures are useful in predicting real output variations and, starting from the early 1980s, present also a larger share of the forecast error variance of US real output than the Federal funds rate.

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Year of publication:	2011-09
Authors:	Aksoy, Yunus ; Melina, Giovanni
Institutions:	Birkbeck, Department of Economics, Mathematics & Statistics
Subject:	Information value \| state-local expenditures \| forecast error variance decomposition

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Extent:	application/pdf
Series:	Birkbeck Working Papers in Economics and Finance.
Type of publication:	Book / Working Paper
Language:	English
Notes:	Number 1105
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10009323073