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This online supplement is organized in two sections. Section S1 presents figures for the prior and posterior distributions of country-specific parameters αi and βi, for i = 1, 2, ..., N , and summary measures of posterior distribution of the effects of technology and fiscal policy shocks. Section S2 provides figures for the comparison of the effects of national technology and fiscal policy shocks in models with and without global shocks.

Online Supplement to Identifying Global and National Output and Fiscal Policy Shocks Using a GVAR