The Analytics of SVARs: A Unified Framework to Measure Fiscal Multipliers
结构向量自回归的解析:衡量财政乘数的统一框架
Do tax cuts and spending increases stimulate output? Studies that identify fiscal shocks using structural vector autoregressions (SVAR) have reached different conclusions. In this article, we show analytically that this lack of consensus reflects different assumptions on the fiscal rules that—by relating tax and spending policies to macroeconomic conditions—determine the identification of fiscal shocks and the associated fiscal multipliers. We then propose a new…