Cover; Contents; Abstract; I. Introduction; II. Modeling Framework; III. Empirical Approach and Data; A. Identification of fiscal shocks; B. Econometric specification; C. Data; IV. Empirical Results; A. Baseline results; B. Spillovers in Normal Times and near the ELB; V. Robustness; A. Alternative definition of the ELB; B. Alternative shock identification; VI. Conclusions; VII. References; VIII. Appendix; A. Data; Data for shock identification; Data for spillover analysis; B. Fiscal shock identification; VAR specification; Identification
Notes
C. Robustness to inclusion of additional control variables
