The files in this folder contain Matlab programs which allow replication of the paper  "Fiscal Stimulus in 
Times of High Debt: Reconsidering Multipliers and Twin Deficits" by Christiane Nickel and Andreas 
Tudyka.

Data are stored in the file "data" in ascii format. Series are organized by columns in the following way:
Column 1: Real Government Consumption
Column 2: Real GDP
Column 3: Private Investment Deflator
Column 4: Real Private Investment
Column 5: Net Exports

Each country needs to have equal time series dimension for the code to work (fill with NaNs if 
necessary). Countries are organized from top to bottom in the following order:
'AUT'	'BEL'	'BGR'	'CYP'	'DEU'	'DNK'	'FRA'	'GBR'	'GRC'	'HUN'	'IRL'	'ISL'	'ITA'
	'MLT'	'NLD'	'PRT'	'SWE'

The file MAIN.m does replication of the basic results. The other m-files are subroutines. The code draws 
heavily from subroutines written by Pascal Towbin and Sebastian Weber who kindly provided their code 
(please find their corresponding 2011 paper in the references).

Note: the code is specific to the paper and requires some recoding if the set up changes. E.g. the 
normalization of the impulse responses such that they can be interpreted as multipliers is done for this 
specification only but can easily be changed.
