Nora Traum

TL;DR: This paper used general equilibrium models that include policy rules for government spending, lump-sum transfers, and distortionary taxation on labor and capital income and on consumption expenditures under rich specifications of fiscal policy rules to obtain several results.

TL;DR: In this paper, a prior predictive analysis of five nested DSGE models suggests that model specifications and prior distributions tightly circumscribe the range of possible government spending multipliers, revealing less about fiscal effects in data than about the lenses through which researchers choose to interpret data.

TL;DR: In this article, a prior predictive analysis of five nested DSGE models suggests that model specifications and prior distributions tightly circumscribe the range of possible government spending multipliers, revealing less about fiscal effects in data than about the lenses through which researchers choose to interpret data.

TL;DR: In this article, a dynamic stochastic general equilibrium model that includes policy rules for government spending, lump-sum transfers, and distortionary taxation on labor and capital income and on consumption expenditures is fit to US data under a variety of specifica- tions of fiscal policy rules.

TL;DR: In this paper, a dynamic stochastic general equilibrium model that includes policy rules for government spending, lump-sum transfers, and distortionary taxation on labor and capital income and on consumption expenditures is fit to U.S. data.