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Dormant Shocks and Fiscal Virtue

Francesco Bianchi, Leonardo Melosi

Chapter in NBER book NBER Macroeconomics Annual 2013, Volume 28 (2014), Jonathan A. Parker and Michael Woodford, editors (p. 1 - 46)
Conference held April 12-13, 2013
Published in April 2014 by University of Chicago Press
© 2014 by the National Bureau of Economic Research
in NBER Book Series NBER Macroeconomics Annual

---- Acknowledgments ----

We would like to thank the editors Jonathan Parker and Mike Woodford and our discussants Chris Sims and Bruce Preston for exceptionally thoughtful comments and great insights. We are grateful to Klaus Adam, Gadi Barlevy, Marco Bassetto, Jeff Campbell, Larry Christiano, John Cochrane, Marty Eichenbaum, Nir Jaimovich, Alejandro Justiniano, Eric Leeper, Guido Lorenzoni, Monika Piazzesi, Giorgio Primiceri, Juan Rubio-Ramirez, Martin Schneider, John Taylor, and all seminar participants at Stanford University, UCSD, Northwestern University, Columbia University, Chicago Fed, San Francisco Fed, Kansas City Fed, Indiana University, UNC Charlotte, UCLA, NBER Summer Institute, the Banque de France - Deutsche Bundesbank Macroeconomics and Finance Conference, SED, ESSIM Tarragona, Duke University, and Goethe University for useful comments and suggestions. The views in this paper are solely the responsibility of the authors and should not be interpreted as reflecting the views of the Federal Reserve Bank of Chicago or any other person associated with the Federal Reserve System. Francesco Bianchi gratefully acknowledges financial support from the National Science Foundation through grant SES-1227397. Correspondence: Francesco Bianchi, francesco.bianchi@duke.edu, Leonardo Melosi, lmelosi@frbchi.org.

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