Narrative shock measures identifying U.S. personal and corporate income tax changes that were significant, not driven by current or expected economic conditions, and not anticipated more than a quarter in advance, 1950–2019. Extending Mertens and Ravn's (2013) identification approach through 2019, these tax shocks are used to estimate how U.S. tax changes spill over to other economies. 

Union-wide welfare losses (relative to the fully optimal policy, in percent of steady-state consumption) for different weights on unemployment stabilization (Γᵤ) in the Taylor rule rₜ = 1.5 πₜ − Γᵤ uₜ, for a monetary union without labor mobility (benchmark) and one with internal labor mobility.

Impact fiscal multipliers of market consumption and GDP in versions of the home production models with flexible wages (baseline) and sticky wages. In these models, total consumption combines purchased market goods (Market Consumption), which require spending, with goods households produce themselves at home using only their own time.