Canzoneri, Matthew B; Collard, Fabrice; Dellas, Harris; … - C.E.P.R. Discussion Papers - 2015
The Great Recession, and the fiscal response to it, has revived interest in the size of fiscal multipliers. Standard … business cycle models have difficulties generating multipliers greater than one. And they also cannot produce any significant … state-dependence in the size of the multipliers over the business cycle. In this paper we employ a variant of the Curdia …