inflation from its trend, implying that the more demand-driven a recession, the higher the multiplier. Median multipliers range …

inflation from its trend, implying that the more demand-driven a recession, the higher the multiplier. Median multipliers range …

inflation from its trend, implying that the more demand-driven a recession, the higher the multiplier. Median multipliers range …

consumption. The results suggest that the output tax multiplier is positive and above one (in absolute value) in recessions but …

The literature on the government spending multiplier has implicitly assumed that an increase in government spending has … approach, or (ii) a timing restriction, we find that the contractionary multiplier – the multiplier associated with a negative … multiplier – the multiplier associated with a positive shock – is substantially below 1 regardless of the state of the cycle …

The literature on the government spending multiplier has implicitly assumed that an increase in government spending has … approach, or (ii) a timing restriction, we find that the contractionary multiplier—the multiplier associated with a negative … shock to government spending—is above 1 and even larger in times of economic slack. In contrast, the expansionary multiplier …