An empirical investigation of US fiscal expenditures and macroeconomic outcomes |
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Authors: | Yunus Aksoy |
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Institution: | a Birkbeck, University of London, Malet Street, London, UKb University of Surrey, Guildford, Surrey GU2 7HX, UK |
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Abstract: | In addition to containing stable information to explain inflation, state-local expenditures also have 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, also present a larger share of the forecast error variance of US real output than the federal funds rate. |
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Keywords: | E31 E62 |
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