Country Heterogeneity and the International Evidence on the Effects of Fiscal Policy
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Paper prepared for the Fiscal Policy, Stabilization and Sustainability Conference, Florence 6-7 June 2011. We thank Alberto Alesina, Morten Ravn, Luigi Spaventa, participants in the conference, and in the conference in honour of M.Hashem Pesaran, Cambridge, June 2011, for many helpful comments and suggestions. This paper is produced as part of the project Growth and Sustainability Policies for Europe (GRASP), a Collaborative Project funded by the European Commission's Seventh Research Framework Program, contract number 244725. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.