An empirical investigation of US fiscal expenditures and macroeconomic outcomes

In addition to containing stable information to explain inflation, state-local expenditures also have 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, also present a larger share of the forecast error variance of US real output than the federal funds rate.

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Year of publication:	2012
Authors:	Aksoy, Yunus ; Melina, Giovanni
Published in:	Economics Letters. - Elsevier, ISSN 0165-1765. - Vol. 114.2012, 1, p. 64-68
Publisher:	Elsevier
Subject:	Information value \| State-local expenditures \| Forecast error variance decomposition

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Type of publication:	Article
Classification:	E31 - Price Level; Inflation; Deflation ; E62 - Fiscal Policy; Public Expenditures, Investment, and Finance; Taxation
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010597184