Is Government Spending Shock More Effective in Financial Boom or During Recessions?

Abdi, M. (2017). Evaluation of long-term relations between Tehran stock exchange index and macroeconomic variables. Journal of Investment Knowledge, 6(21), 97-112.

Abounoori, A., & Teimoury, M. (2013). Investigation of the effect of financial development on economic growth: A comparative study in OECD and UMI countries. Journal of Economic Growth and Development Research, 3(11), 29-40.

Aboutorabi, M. A., Falahi, M. A., Salimifar, M., & Hosseini, S. M. (2016). The effect of government ownership of banks on the causality of finance-growth in Iran. Quarterly Journal of Economic Research, 15(4), 99-126.

Afonso, A., Slavík, M., & Baxa, J. (2011). Fiscal developments and financial stress: A threshold VAR analysis. European Central Bank Working Paper Series 1319. Retrieved form https://link.springer.com/article/10.1007/s00181-016-1210-5.

Afonso, A., & Sousa, R. (2008). The macroeconomic effects of fiscal policy. European Central Bank.  Working Paper Series, NO 991, Retrieved form https://econpapers.repec.org/paper/ecbecbwps/2009991.htm.

Agnello, L., & Sousa, R. (2010). Fiscal policy and asset prices. NIPE- Universidade do Minho, Working Paper Series, 25/2010, Retrieved form https://econpapers.repec.org/paper/nipnipewp/25_2f2010.htm.

Akbarian, R., & Heydaripour, S. M. (2009). The effect of financial market development on economic growth in Iran: 1966-2007. Economics Research, 9(34), 43-63.

Alloza, M. (2017). Is fiscal policy more effective in uncertain times or during recessions? Banco de Espana Working Paper No. 1730, Retrieved form https://ideas.repec.org/p/bde/wpaper/1730.html.

Anderson, E., Atsushi, I., & Rossi, B. (2016). Heterogeneous consumers and fiscal policy shocks. Journal of Money, Credit and Banking, 48(8), 1877-1888.

Atems, B. (2019). The effects of government spending shocks: Evidence from U.S. States. Regional Science and Urban Economics, Elsevier, 74(C), 65-80.

Baum, A., & Koester, G. B. (2011). The impact of fiscal policy on economic activity over the business cycle - Evidence from a threshold VAR analysis. Discussion Paper Series 1: Economic Studies 2011,03, Deutsche Bundesbank, Retrieved form https://ideas.repec.org/p/zbw/bubdp1/201103.html.

Beetsma, R., & Giuliodori, M. (2011). The effects of government purchases shocks: Review and estimates for the EU. Economic Journal, Royal Economic Society, 121(550), 4-32.

Benigno, P. (2015). New-Keynesian economics: An AS–AD view. Research in Economics, Elsevier, 69(4), 503-524.

Brave, S. A ., & Butters, R. A. (2011). Monitoring financial stability: A financial conditions index approach. Economic Perspectives, 35(1), 22-43.

Brückner, M., & Tuladhar, A. (2014). Local government spending multipliers and financial distress: Evidence from Japanese prefectures. Economic Journal, Royal Economic Society, 124(581), 1279-1316.

Candelon, B., & Lieb, L. (2013). Fiscal policy in good and bad times. Journal of Economic Dynamics and Control, 37(12), 2679-2694.

Canova, F., & Pappa, E. (2007). Price differentials in monetary unions: The role of fiscal shocks. The Economic Journal, 117(520), 713-737.

Cao, Q., Minetti, R., Olivero, M. P., & Romanini, G. (2021). Recessions and recoveries: Multinational banks in the business cycle. Journal of Monetary Economics , 117, 203-219.

Chatziantoniou, I., Duffy, D., & Filis, G. (2013). Stock market response to monetary and fiscal policy shocks: Multi-country evidence. Economic Modelling, Elsevier, 30(C),754-769.

Chevallier, J. (2013). Understanding the link between aggregated industrial production and the carbon price. The Economics of Green Energy and Efficiency, (111-132), Retrieved form https://link.springer.com/chapter/10.1007/978-3-319-03632-8_5.

Cover, J. P. (1992). Asymmetric effects of possitive and negative money supply shocks. Quarterly Journal of Economics, 107(4), 1261-1282.

Darisavi, R., Bafandeh, A., & Azizi, F. (2010). Survey of barriers non-oil export in Khuzistan province using factor analysis. Commercial Surveys, 41, 67-88.

De Giorgi, G., & Gambetti, L. (2012). The effects of government spending on the distribution of consumption. Barcelona Graduate School of Economics Working Papers 645, Retrieved form https://ideas.repec.org/p/bge/wpaper/645.html.

Dejpasand, F., & Bokharaei, R. (2016). An evaluation between financial development and economic growth based on Post-Keynesian macro- Model. Financial Economics, 10(34), 59-92.

Delangizan, S ., & Khazir, E. (2013). Effects of fiscal policy shocks on Iranian economic growth from 1959-2009.  Economic Strategy, 3(1), 37 - 67.

Dumičić, M., & Krznar, I. (2013). Financial conditions and economic activity. Working Papers 37, The Croatian National Bank, Croatia, Retrieved form https://www.bnb.bg/bnbweb/groups/public/documents/bnb_publication/discussion_2019_113_en.pdf.

Duprey, T., & Klaus, B. (2017). How to predict financial stress? An assessment of Markov switching models. Working Paper Series 2057, European Central Bank, Retrieved form https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2057.en.pdf.

Eggertsson, G. B., & Krugman, P. )2012(. Debt, deleveraging, and the liquidity trap: A fisher-minsky-koo approach. Q. J. Econ, 127(3), 1469-1513.

Engen, E. M., & Hubbard, R. G. (2004). Federal government debt and interest rates. NBER Macroeconomics Annual, 19 , 83-138.

Fouladi, M. (2010). The impact of government expenditure on GDP, employment and private investment a CGE model approach. Iranian Economic Review, 15(27).

Feizi, R., Amidi, S., Ahmadzadeh, K. H., & Javaheri, B. (2020). Investigating the impact of exchange rate variation and the oil price shocks on household welfare: CGE model approach. Iranian Journal of Economic Studies, 9(1), 261-291.

Ferraresi, T., Roventini, A., & Giorgio, F. (2013). Fiscal policies and credit regimes: A TVAR approach. Journal of Applied Econometrics, 30(7), 1047-1072.

Fragetta, M., & Gasteiger, E. (2012). Fiscal foresight, limited information and the effects of government spending shocks. Oxford Bulletin of Economics, 76 (5), 667-692.

Fotros, M. H., Alizadeh, M., Ahmadvand, N. (2020). Optimal amount of government expenditure components with the goal of reducing income inequality (The case of Iran). Iranian Journal of Economic Studies, 9(1), 117-146.

Galí, J., López-Salido, J. D., & Vallés, J. (2007). Understanding the effects of government spending on consumption. Journal of the European Economic Association, MIT Press, 5(1), 227-270.

Grinderslev, O. J., Kramp, P. L., Kornberg, A. F., & Jesper, P. (2017). Financial cycles: What are they and what do they look like in Denmark? Danmarks National bank, 115, Retrieved form https://www.nationalbanken.dk/en/publications/Pages/2017/06/Working Paper-Financial-Cycles-What-are-they-and-what-do-they-look-like-in-Denmark.aspx.

Hakkio, C., & Keeton, W. R. (2009). Financial stress: What is it, how can it be measured, and why does it matter? Economic Review, 94(Q II), 5-50.

Hansen, B. E. (1999). Testing for linearity. Journal of Economic Surveys, 13, 551-76.

Hasan, A., Islam, A., Hasnat, A., & Wadud, A. (2016). The relative effectiveness of monetary and fiscal policies on economic growth in Bangladesh. Economics, 5(1),1-7.

Hauptmeier, S., Cimadomo, J., & Kirchner, M. (2010). Transmission of government spending shocks in the euro area: Time variation and driving forces. European Central Bank,Working Paper Series 1219, Retrieved form

       https://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1219.pdf

Horvath, M. (2009). The effects of government spending shocks on consumption under optimal stabilization. European Economic Review, Elsevier, 53(7), 815-829.

Hotelling, H. (1933). Analysis of a complex of statistical variables into principal components. Journal of Educational Psychology, 24(6), 417-441.

Hussain, A., Muhammad, S. D., Kamran, A., & Irfan, L. (2009). Effectiveness of government expenditure crowding-in or crowding-out: Empirical evidence in case of Pakistan. European Journal of Economics, Finance and Administrative Sciences, 16, 144-148.

Jacob, P. (2015). Deep habits, price rigidities, and the consumption response to government spending. Journal of Money, Credit and Banking, Blackwell Publishing, 47(2-3), 481-510.

Kandil, M. (2006). Variation in the effects of government spending shocks with methods of financing: Evidence from the U. S. International Review of Economics & Finance, Elsevier, 15(4), 463-486.

Karamisheva, T ., Markova, G., Zahariev, B ., & Pachedzhiev, S. (2019). Financial cycle in the Bulgarian economy and its interaction with the business cycle. Report Number: DP/113/2019. Affiliation: Bulgarian National Bank, Retrieved form https://www.bnb.bg/bnbweb/groups/public/documents/bnb_publication/discussion_2019_113_en.pdf.

Karras, G. (1996). Are the output effect of monetary policy asymmetric? Evidence from a sample of European countries. Oxford Bulletin of Economics and Statistics, 58, 267-278.

Klein, M., & Linnemann, L. (2019). Macroeconomic effects of government spending: The great recession was (really) different. Journal of Money, Credit and Banking, Blackwell Publishing, 51(5), 1237-1264.

Koop, G. M., Hashem, P., & Simon, M. P. (1996). Impulse response analysis in nonlinear multivariate models. Journal of Econometrics, 74, 119-47.

Kormilitsina, A., & Zubairy, S. (2018). Propagation mechanisms for government spending shocks: A Bayesian comparison. Journal of Money, Credit and Banking, Blackwell Publishing, 50(7),1571-1616.

Liang, Q., & Teng, J. Z. (2006). Financial development and economic growth: Evidence from China. China Economic Review, 17, 395-411.

Ma, E. (2019). The heterogeneous responses of consumption between poor and rich to government spending shocks. Journal of Money, Credit and Banking, Blackwell Publishing, 51(7),1999-2028.

Ma, Y., & Zhang, J. (2016). Financial cycle, business cycle and monetary policy: Evidence from four major economies. International Journal of Finance & Economics, John Wiley & Sons, Ltd., 21(4), 502-527.

Mehrara, M., & Sujoudi, A. (2015). The relationship between money, government spending and inflation in the Iranian economy. International Letters of Social and Humanistic Sciences, 51, 89-94.

Mishra, S. P., Sarkar, U., Taraphder, S., y Datta, S., Swain, D. P., Saikhom, R., Panda, S., & Laishram, M. (2017). Multivariate statistical data analysis-principal component analysis (PCA). International Journal of Livestock Research, 7(5), 60-78.

Narayan, P. K. (2004). Reformulating critical values for the bounds fstatistics approach to cointegration: An application to the tourism demand model for Fiji. Department of Economics Discussion Papers ISSN 1441-5429, Retrieved form https://www.researchgate.net/publication/268048533.

Nasir, H., Majeed, S., & Aleem, A. (2018). Does financial development leads economic growth? Evidence from emerging Asian markets. Asian Economic and Financial Review, 8(5),599-617.

Nguyen, T. D. (2019). Impact of government spending on inflation in Asian emerging economies: Evidence from India, China, And Indonesia. The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., 64(05), 1171-1200.

Nikooghadam, M., & Aboutorabi, M. (2019). The effect of inflation on finance-growth causality in Iran. Journal of Applied Economics Studies in Iran, 8(29), 269-299.

Parab, N., Naik, R., & Reddy, Y. V. (2020). The impact of economic events on stock market returns: Evidence from India. Asian Economic and Financial Review, 10(11), 1232-1247.

Pearson, K. (1901). On lines and planes of closest fit to systems of points in space. Philos Mag A, 6, 559-572.

Perotti, R. (2007). In search of the transmission mechanism of fiscal policy. NBER Macroeconomics Annual.

Petkov, B. (2008). The labour market and output in the UK – does Okun’s law still stand? Discussion Papers: Bulgarian National Bank, 69, Retrieved form https://www.semanticscholar.org/paper/The-Labour-Market-and-Output-in-the-UK-Does-Okun%27s Petkov/cf7824fd467039ac09346bf5f69372f573fa9536.

Pourasghar Sangachin, F., Salehi, E., & Dinarvandi, M. (2012). Measurement of the development level of Iran's provinces with factor analysis approach. Town and Country Planning, 4(7), 5-26.

Pragidis, I. C., Tsintzos, P., & Plakandaras, B. (2018). Asymmetric effects of government spending shocks during the financial cycle. Economic Modelling, Elsevier, 68(C), 372-387.

Pragidis, I., Gogas, P., Plakandaras, V., & Papadimitriou, Th. (2015). Fiscal shocks and asymmetric effects: A comparative analysis. The Journal of Economic Asymmetries, Elsevier, 12(1), 22-33.

Romyen, A., Liu, J., & Sriboonchitta, S. (2019). Export–output growth nexus using threshold VAR and VEC models: Empirical evidence from Thailand. Economies, MDPI, Open Access Journal,7(2), 1-16.

Sabaj, E. (2019). The effects of government spending under trend inflation: Theory and empirics. Retrieved form https://siecon3-607788.c.cdn77.org/sites/siecon.org/files/media_wysiwyg/225-sabaj.pdf.

Schmidt, J. (2013). Country risk premia, endogenous collateral constraints and non-linearities: A threshold VAR approach. Retrieved form https://www.semanticscholar.org/paper/a-Country-Risk-Premia%2C-Endogenous-Collateral-and-A-Schmidt/2c6c81260414e5cd70ebd53e782cd005f9df24fd.

Shafiei, S., Yavari, K., & Sahabi, B. (2017). The effects of government expenditure uncertainty on households consumption expenditure in Iran. Quarterly Journal of Economic Research, 7(2),25-47.

Shirin Bakhsh, SH. A. (2005). A survey on the relationship between the demand of money and the affecting factors "bounds test approach". Economic Research Review, 5(1), 133-152.

Smyth, R., & Narayan, P. K. (2004). Dead man walking: An empirical reassessment of the deterrent effect of capital punishment using the bounds testing approach to cointegration. Econ. Soc. 38 (17), 1975-1990, Australasian Meetings 332.

Troy Davig, T., & Hakkio, C. S. (2010). What is the effect of financial stress on economic activity. Economic Review, Federal Reserve Bank of Kansas City, 95(Q II), 35-62.

Yan ,Ch., & Huang, K. X. D. (2020). Financial cycle and business cycle: An empirical analysis based on the data from the U.S. Economic Modelling, 93, 693-701.