文章基本信息
- 标题：An Empirical Investigation of US Fiscal Expenditures and Macroeconomic Outcomes
- 本地全文：下载
- 作者：Yunus Aksoy ; Giovanni Melina
- 期刊名称：Birkbeck Working Papers in Economics and Finance / School of Economics, Mathematics and Statistics, Birkbeck College
- 印刷版ISSN：1745-8587
- 出版年度：2011
- 卷号：2011
- 出版社：London University
- 摘要：
Abstract
In 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.
