摘要：The empirical literature on the effects of government spending shocks lacks unanimity about the
responses of consumption and wages. Proponents of shocks identified by structural vector autoregressions
(VARs) find results consistent with New Keynesian models: consumption and wages
increase. On the other hand, proponents of the narrative approach find results consistent with
neoclassical models: consumption and wages decrease. This paper reviews these two identifications
and confirms their differences by using standard economic series. It also uses alternative measures
of government spending, output, and the labor market and shows that, although there are minor
fluctuations within each identification, the disparate results between the two are robust to the
alternative measures. However, under the structural VAR approach, the authors find some differences
between the responses to federal and state/local government spending. (JEL C32, E62)
