According to the FRB/US model, both policies, if sustained, would lead to a substantial increase in the equilibrium federal funds rate. Higher spending of this amount would raise equilibrium interest rates by about 50 basis points; lower taxes would raise equilibrium rates by 40 basis points.
Another piece of good news might be that, at the end, the spillover effects of policies like QE seem to work through standard, well understood channels, i.e. through exchange rate movements and interest rate differentials. From this perspective it is hard to say what makes these unconventional policies distinct.23  22  Céspedes L., Chang R., Velasco A.