Fiscal Volatility Shocks and Economic Activity

Jesús Fernández-Villaverde, Pablo A. Guerrón-Quintana, Keith Kuester, Juan Rubio-Ramírez

NBER Working Paper No. 17317
Issued in August 2011

---- Acknowledgements -----

We thank participants of seminars at the Atlanta Fed, Bank of Canada, Board of Governors, Concordia, CREI, Drexel, IMF, Northwestern, and the Philadelphia Fed, and conference presentations at the Midwest Macro Meetings and the Society for Computational Economics for comments and Jim Nason for a careful reading of a first draft of the paper. Michael Chimowitz and Behzad Kianian provided excellent research assistance. Any views expressed herein are those of the authors and do not necessarily coincide with those of the National Bureau of Economic Research, the Federal Reserve Banks of Atlanta or Philadelphia, or the Federal Reserve System. We also thank the NSF for financial support.

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