How Does the U.S. Government Finance Fiscal Shocks?
---- Acknowledgements -----
We would like to thank seminar participants at the Federal Reserve Bank of Chicago, Federal Reserve Bank of Cleveland, Harvard University, LSE, NYU-Stern, Rice University, University of Warwick and Wharton for comments. We are grateful to George Hall for sharing his data with us. Batchimeg Sambaliat provided excellent research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.