Fiscal Policy Rules and Regime (In)Stability: Evidence from the U.S.

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Fiscal Policy in Real Time (2012, unknown): “A related application, but in a time series framework, is Favero and Monacelli (2005) which employs the Hamilton’s (1989) regime switching model to the estimation of quarterly fiscal rules for the U.”
Monetary-Fiscal Policy Interactions and Fiscal Stimulus (2011, background): “Evidently, there is substantial instability in fiscal policy, but greater stability in monetary policy behavior, an outcome also found by Favero and Monacelli (2005).”
Fluctuating Macro Policies and the Fiscal Theory [with Comments and Discussion] (2005, unknown): “Favero and Monacelli (2005) estimate switching regressions similar to (1) and (2) and also find that monetary policy was passive from 1961 to 1979.”