8  References

Amisano, G. and C. Giannini (1997). Topics in SVAR econometrics, 1997.

Auerbach, A. and Y. Gorodnichenko (2012). Fiscal multipliers in recession and expansion. In: Fiscal Policy after the Financial Crisis. National Bureau of Economic Research, Inc.

Barro, R.J (2009). Government spending is no free lunch. Wall Street Journal, 22.

Baum, A., M. Poplawski-Ribeiro and A. Weber (2012). Fiscal multipliers and the state of the economy. IMF Working Paper (forthcoming).

Blanchard O. and R. Perotti (2002). An empirical characterization of the dynamic effects of changes in government spending and taxes on output. The Quarterly Journal of Economics, 117(4): 1329-1368.

Brook, A.M (2012). Making fiscal policy more stabilising in the next upturn: Challenges and policy options, New Zealand Economic Papers, DOI:10.1080/00779954.2012.721691.

Caldara, D. and C. Kamps (2008). What are the effects of fiscal shocks? a VAR-based comparative analysis. Working Paper Series 877, European Central Bank.

Caprioli, F. and S. Momigliano (2011). The effects of fiscal shocks with debt-stabilizing budgetary policies in Italy. Bank of Italy Working Paper No, 839.

Chay,J, A. Marsden and R. Stubbs (1993). Historical rates of return to equities, bonds, and the equity risk premium: New Zealand evidence. Pacific Accounting Review, 5(1):27-46.

Chow G.C. and A. Lin (1971). Best linear unbiased interpolation, distribution, and extrapolation of time series by related series. The Review of Economics and Statistics, pages 372-375.

Chung, H. and E. M. Leeper (2007). What has financed government debt? NBER Working Papers 13425, National Bureau of Economic Research, Inc.

Claus, I., A. Gill, B. Lee and N. McLellan (2006). An empirical investigation of fiscal policy in New Zealand. Treasury Working Paper.

De Castro, F. and P. Hernandez de Cos (2008). The economic effects of fiscal policy: the case of Spain. Journal of Macroeconomics, 30(3):1005-1028.

Dungey, M. and R. Fry (2009). The identification of fiscal and monetary policy in a structural var. Economic Modelling, 26(6):1147-1160.

Eggertsson, G.B. and P. Krugman (2012). Debt, deleveraging, and the liquidity trap: A Fisher-Minsky-Koo approach. The Quarterly Journal of Economics, 127(3):1469-1513.

Enders, W. (2004). Applied econometric time series. Wiley (New York).

Fatas, A. and I. Mihov (2001). The effects of fiscal policy on consumption and employment: theory and evidence. CEPR discussion paper.

Favero, C. and F. Giavazzi (2007). Debt and the effects of fiscal policy. NBER Working Papers 12822, National Bureau of Economic Research, Inc.

Fielding, D., O. Parkyn and P. Gardiner (2011). Explaining some puzzles in the estimated response of New Zealand GDP to fiscal shocks. New Zealand Association of Economists Annual Conference.

Giordano, R., S. Momigliano, S. Neri and R. Perotti (2007). The effects of fiscal policy in italy: Evidence from a VAR model. European Journal of Political Economy, 23(3):707-733.

Girouard, N. and C. Andre (2005). Measuring cyclically-adjusted budget balances for OECD countries. OECD Economics Department Working Paper, No.434.

Ilzetzki, E. and C.A. Vegh (2008). Procyclical fiscal policy in developing countries: Truth or fiction? Technical report, National Bureau of Economic Research.

Ilzetzki, E., E.G. Mendoza and C.A. Vegh (2010). How big (small?) are fiscal multipliers? NBER Working Papers 16479, National Bureau of Economic Research.

Kearney, I., D. McCoy, D. Dufy, M. McMahon and D. Smyth (2000). Assessing the stance of Irish fiscal policy. Budget Perspectives, Dublin: The Economic and Social Research Institute.

Lally, M. and A. Marsden (2004). Tax-adjusted market risk premiums in New Zealand: 1931-2002. Pacific-Basin Finance Journal, 12(3):291-310 .

Mears, T., G. Blick, T. Hampton and J. Janssen (2010). Fiscal institutions in New Zealand and the question of a spending cap. New Zealand Treasury Working Paper 10/07.

Mountford, A. and H. Uhlig (2009). What are the effects of fiscal policy shocks? Journal of Applied Econometrics, 24(6): 960-992.

Pagan, A.R., L. Catao and D. Laxton (2008). Monetary transmission in an emerging targeter: The case of Brazil. IMF Working Papers, pages 1-42.

Parkyn, O. (2010). Estimating New Zealand's structural budget balance. Technical report, New Zealand Treasury.

Perotti, R. (2005). Estimating the effects of fiscal policy in OECD countries. CEPR discussion paper.

Philip, R. and J. Janssen (2002). Indicators of fiscal impulse for New Zealand. New Zealand Treasury Working Paper, 2/30.

Romer, C.D. and D.H. Romer (2010). The macroeconomic effects of tax changes: Estimates based on a new measure of fiscal shocks. The American Economic Review, 100(3):763-801.

Sims, C.A., J.H. Stock and M.W. Watson (1990). Inference in linear time series models with some unit roots. Econometrica: Journal of the Econometric Society, pages 113-144.

Tang H.C., P. Liu and E.C. Cheung (2010). Changing impact of fiscal policy on selected Asean countries. Journal of Asian Economics.