Favero, Carlo; Giavazzi, Francesco; Perego, Jacopo - IGIER (Innocenzo Gasparini Institute for Economic … - 2011
The aim of this paper is to show how the richer frequency and variety of fiscal policy shocks available in an … our empirical analysis is that the question “what is the fiscal policy multiplier” is an ill-posed one. There is no … unconditional fiscal policy multiplier. The effect of fiscal policy on output is different depending on the different debt dynamics …