Identifying the effects of government spending shocks with .
and to the North American Summer Meeting of the Econometric Society, for useful comments and discussions. In particular, we would like to thank Gianni Amisano, Agnès Bénassy-Quéré, Stephan Fahr, Davide Furceri, Massimo Giuliodori, Michele Lenza, Philipp Rother, Ad van Riet and Charles Wyplosz. Sergio Sola gratefully acknowledges the Fiscal Policies Division of the ECB for its hospitality ...