Effects of Fiscal Shocks in a Globalized World
---- Acknowledgments ----
We are grateful to Seunghwan Lim, Walker Ray, and Mauricio Ulate for excellent research assistance. We thank Olivier Coibion, Christopher Erceg, Pierre-Olivier Gourinchas, and Johannes Wieland for comments, and Andrew Austin and David Newman for guidance regarding the defense appropriations process. Gorodnichenko thanks the NSF for financial support. Auerbach thanks the Burch Center for Tax Policy and Public Finance for financial support. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.