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Cited by 938

The DOI matches its Crossref record; 67 of the 67 references it cites were found in a registry or an index.

Fiscal Volatility Shocks and Economic Activity

Open access
Fernández-Villaverde, Jesús, Guerrón-Quintana, Pablo, Kuester, Keith, Rubio-Ramírez, Juan·2015·American Economic Review
DOI 10.1257/aer.20121236
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Abstract

We study how unexpected changes in uncertainty about fiscal policy affect economic activity. First, we estimate tax and spending processes for the United States with time-varying volatility to uncover evidence of time-varying volatility. Second, we estimate a VAR for the US economy using the time-varying volatility found in the previous step. Third, we feed the tax and spending processes into an otherwise standard New Keynesian model. Both in the VAR and in the model, we find that unexpected changes in fiscal volatility shocks can have a sizable adverse effect on economic activity. An endogenous increase in markups is a key mechanism. (JEL E12, E23, E32, E52, E62)

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Metadata

Authors
Fernández-Villaverde, J., Guerrón-Quintana, P., Kuester, K., & Rubio-Ramírez, J.
Venue
American Economic Review
Publisher
American Economic Association
Published
2015-11-01
Volume
105
Issue
11
Pages
3352-3384
ISSN
0002-8282 (ISSN-L)
DOI
10.1257/aer.20121236
OpenAlex
W3122613467
Cited by
938
References
67
FWCI
189.17
Type
journal article
Language
en
Open access
bronze

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CoChat. (2026). Citation check: Fiscal Volatility Shocks and Economic Activity. https://app.cochat.ai/papers/10.1257/aer.20121236
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Fernández-Villaverde, J., Guerrón-Quintana, P., Kuester, K., & Rubio-Ramírez, J. (2015). Fiscal Volatility Shocks and Economic Activity. American Economic Review. https://doi.org/10.1257/aer.20121236

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