Macroeconomic Fluctuations in the United States: The Role of Monetary and Fiscal Policy Shocks

被引：0
作者：
Cosmas Dery
Apostolos Serletis
机构：
[1] Sam Houston State University,Department of Economics and International Business
[2] University of Calgary,Department of Economics
来源：
Open Economies Review | 2023年 / 34卷
关键词：
Fiscal shocks; Monetary shocks; Output; Inflation; Business cycles; E32; E52; E58; E62; E63;
D O I：
暂无
中图分类号：
学科分类号：
摘要：
We assess the relative importance of fiscal and monetary policy shocks in explaining macroeconomic fluctuations in the United States. Using a Bayesian structural vector autoregressive model, we identify fiscal and monetary policy shocks based on a penalty function approach. We find that monetary policy shocks are relatively more important than fiscal policy shocks in explaining key macroeconomic variations and especially inflation variations. Our results provide evidence in support of a monetarist explanation of US business cycles.
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页码：961 / 977
页数：16
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