Afonso, AntónioJalles, João Tovar2022-09-212022-09-212016Afonso, António and João Tovar Jalles.(2016). "How does fiscal policy affect investment? Evidence from a large panel". International Journal of Finance & Economics, Vol. 23, No. 1: pp. 1-5.1466-4291 (Online)http://hdl.handle.net/10400.5/25564We assess how demand and supply shocks (identified via the Blanchard and Quah (1989) structural vector autoregression approach) in 14 OECD countries affect markups. We find that individual responses of markups to demand shocks push down the markup for most countries (confirmed in the panel analysis). On the other hand, a supply shock has a more mixed effect.engBlanchard–QuahMarkupVARImpulse Response FunctionsLocal Projectionjournal article10.1080/13504851.2015.1044640