The Macroeconomic Effects of Big Fiscal Shocks: The Case of World War II
نویسندگان
چکیده
The views expressed herein are those of the authors and not necessarily those of the Federal Reserve Bank of Minneapolis or the Federal Reserve System.
منابع مشابه
Does Neoclassical Theory Account for the Effects of Big Fiscal Shocks? Evidence from World War II
There is much debate about the usefulness of the neoclassical growth model for assessing the macroeconomic impact of fiscal shocks. We test the theory using data from World War II, which is by far the largest fiscal shock in the history of the United States. We take observed changes in fiscal policy during the war as inputs into a parameterized, dynamic general equilibrium model and compare the...
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