This paper combines a monetary structural vector-autoregression (SVAR) with a fiscal SVAR for Poland. Fiscal foresight, in the form of implementation lags, is accounted for with respect to both discretionary government spending and tax changes. We demonstrate the importance of combining monetary...

This paper empirically studies the U.S. multiplier effects of government investment, government consumption and total government purchases on output. We explore dependencies of the multipliers on states of the economy, measured in different ways. Using local projections with instrumental...

Purpose – This paper aims to make two main additions to the literature on Gulf Cooperation Council (GCC) monetary union. First, it emphasizes that the creation of a fiscal union is necessary for the GCC monetary union to succeed. Second, it proposes some alternatives to pegging to the dollar,...