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- W73828433 abstract "This paper begins the process of constructing a VAR model for a small open economy, in this case New Zealand, to assess the empirical effects of both fiscal and monetary policy shocks on major macroeconomic indicators. Fiscal policy is represented by government expenditure and government revenue shocks, and monetary policy via the short term interest rate. The innovations in the model are in using the sign restriction methodology for fiscal policy shocks within a more traditionally identified VAR for the remainder of the system, and in accounting for transitory and permanent components in the series as in Pagan and Pesaran (2007). This paper reports on the first stage of this process, the identification of the fiscal policy shocks as a base on which the remainder of the project will be built." @default.
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- W73828433 date "2007-01-01" @default.
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- W73828433 title "Identifying Fiscal and Monetary Policy in a Small Open Economy VAR" @default.
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