This chapter reviews and synthesizes our current understanding of the shocks that drive
economic fluctuations. The chapter begins with an illustration of the problem of identifying …

The dynamic causal effect of an intervention on an outcome is of paramount interest to
applied macro-and microeconomics research. However, this question has been generally …

This paper takes stock of what we have learned from the “Renaissance” in fiscal research in
the ten years since the financial crisis. I first discuss the new innovations in methodology and …

Governments around the world responded to the COVID19 crisis (CVC) by aggressively
deploying fiscal policy to boost health expenditure, income transfers and increased welfare …

The term “austerity” indicates a policy of sizeable reduction of govern-ment deficits and
stabilization of government debt achieved by means of spending cuts or tax increases, or …

I study the effects of the 2020 coronavirus outbreak in the United States and subsequent
fiscal policy response in a nonlinear DSGE model. The pandemic is a shock to the utility of …

We revisit the transmission mechanism from monetary policy to household consumption in a
Heterogeneous Agent New Keynesian (HANK) model. The model yields empirically realistic …

While many literatures have examined the influence of environmental regulation policy,
which environmental regulation policy is more effective is still controversial. Taking China …

We generalize the traditional, static Keynesian cross by deriving an intertemporal Keynesian
cross for the dynamic output response to government spending and taxes in microfounded …

An economic growth target is a declaration by policy authorities of commitment to that target
and the corresponding allocation of resources. The constraints created by economic growth …