An Empirical Investigation of US Fiscal Expenditures and Macroeconomic Outcomes
AbstractIn addition to containing stable information to explain inflation, state-local expenditures have also 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, present also a larger share of the forecast error variance of US real output than the Federal funds rate.
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Bibliographic InfoPaper provided by Birkbeck, Department of Economics, Mathematics & Statistics in its series Birkbeck Working Papers in Economics and Finance with number 1105.
Date of creation: Sep 2011
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Other versions of this item:
- Aksoy, Yunus & Melina, Giovanni, 2012. "An empirical investigation of US fiscal expenditures and macroeconomic outcomes," Economics Letters, Elsevier, vol. 114(1), pages 64-68.
- 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
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-10-09 (All new papers)
- NEP-CBA-2011-10-09 (Central Banking)
- NEP-FOR-2011-10-09 (Forecasting)
- NEP-MAC-2011-10-09 (Macroeconomics)
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