Replication file for Measuring the U.S. Fiscal Noise Shocks

This file reproduces the estimation and counterfactual simulation for the paper titled “Measuring the U.S. fiscal noise shocks.” Due to the large size of the files for parameters estimated with the Metropolis-Hastings algorithm, the following procedure “Reproduce Figures and Table” only provide the files necessary to replicate the tables and figures in the paper. To perform parameter estimation, one must follow the “Reproduce Estimation Procedure”, which requires substantial time and significant hard disk space to save the files.