An empirical investigation of US fiscal expenditures and macroeconomic outcomes
AbstractIn 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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Bibliographic InfoArticle provided by Elsevier in its journal Economics Letters.
Volume (Year): 114 (2012)
Issue (Month): 1 ()
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Web page: http://www.elsevier.com/locate/ecolet
Information value; State-local expenditures; Forecast error variance decomposition;
Other versions of this item:
- Yunus Aksoy & Giovanni Melina, 2011. "An Empirical Investigation of US Fiscal Expenditures and Macroeconomic Outcomes," Birkbeck Working Papers in Economics and Finance 1105, Birkbeck, Department of Economics, Mathematics & Statistics.
- E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
- E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
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