IS FISCAL POLICY MORE EFFECTIVE DURING RECESSIONS?
估计了政府支出冲击在经济繁荣和衰退时期对经济活动的影响，发现支出冲击在扩张期对产出的影响大于衰退期，并探讨了结果与文献差异的原因。
Abstract This article estimates the impact of government spending shocks on economic activity during periods of boom and recession. I estimate these effects using an eclectic approach that employs (i) different strategies to identify exogenous variation in government spending, (ii) different methods to compute dynamic responses, and (iii) different measures of the state of business cycles. I find that government spending shocks have larger impacts on output during expansions than during recessions. Importantly, I explore the reasons why my results differ from other work in the literature and highlight the empirical implications of the information used to define periods of recession.