The aim of this paper is twofold. First, for West Germany, France, Italy and US, we econometrically select within a ….1 percent quarterly on average at most to a 1 percentage change in the expenditure or revenue ratio). In Italy, the US and … France, the strongest effect on output is produced by shocks on government expenditure on wages and transfers …

.K., Germany and Italy, for the period 1980:4-2009:4, encompassing macro, fiscal and financial variables. The results show that (i … economic growth to a fiscal shock are mostly positive in both financial stress regimes; (iii) financial stress has a negative … shock is mainly associated with different behaviour across regimes; (v) the size of the fiscal multipliers is higher than …

This paper documents time variation in domestic fiscal policy multipliers in Germany, the UK and the US, and in cross …-border fiscal spillovers from Germany to the seven largest European Union economies. We propose two VAR models which incorporate … find that the domestic impact of tax shocks has been positive but vanishing for Germany and the US, stably not significant …

I study the spill-over effects of legislated discretionary tax changes in the United States, Germany, and the United …

Sims and Zha (1999, 2006), the empirical evidence for the U.S., the U.K., Germany, and Italy shows that it is important to … minor role in the asset markets of the U.S. and Germany; (ii) they substantially increase the variability of housing and … Italy. -- Bayesian Structural VAR ; fiscal policy ; housing prices ; stock prices …

, fiscal data; and (vii) analyze empirical evidence from the U.S., the U.K., Germany, and Italy. The results show that …

factorization of innovations. Impulse-response functions aiming to estimate the response of government expenditures to the shock …