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We show that fully or almost fully instrumenting a VAR\u2014that is, using an instrument for each shock\u2014allows one to overidentify the model by incorporating the condition that the structural shocks are uncorrelated, via the generalized method of moments (GMM). We apply our approach to a fiscal VAR for the United States over 1948\u20132019, where the overidentifying restrictions are not rejected. The overidentified structural vector autoregression (SVAR) yields (a) greater precision in estimating impulse response functions and multipliers and (b) measures of the effects of nonfiscal shocks even when there is no instrument for them.<\/jats:p>","DOI":"10.1002\/jae.3038","type":"journal-article","created":{"date-parts":[[2024,3,6]],"date-time":"2024-03-06T15:06:15Z","timestamp":1709737575000},"page":"607-619","update-policy":"https:\/\/doi.org\/10.1002\/crossmark_policy","source":"Crossref","is-referenced-by-count":6,"title":["US fiscal policy shocks: Proxy\u2010SVAR overidentification via GMM"],"prefix":"10.1002","volume":"39","author":[{"given":"Allan W.","family":"Gregory","sequence":"first","affiliation":[{"name":"Department of Economics Queen's University  Kingston Ontario Canada"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"James","family":"McNeil","sequence":"additional","affiliation":[{"name":"Department of Economics Dalhousie University  Halifax Nova Scotia Canada"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Gregor W.","family":"Smith","sequence":"additional","affiliation":[{"name":"Department of Economics Queen's University  Kingston Ontario Canada"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"311","published-online":{"date-parts":[[2024,3,6]]},"reference":[{"key":"e_1_2_10_2_1","unstructured":"Andrews I. &Stock J. 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