Factor supply increases (depresses) output for many of the same reasons that the government spending multiplier might …" and suggest that the government spending multiplier is less than one, even during the recession …

wages; in a fairly broad class of simple models, the multiplier is 1 in the case that the monetary authority maintains a … constant path for real interest rates. The multiplier can be considerably smaller, however, if the monetary authority raises … multiplier is especially plausible when monetary policy is constrained by the zero lower bound on nominal interest rates; in such …

-based arguments, the effect of tax changes on output is highly non-linear. The tax multiplier is essentially zero under relatively low …

) Globally, fiscal policy helped offset about 8% of the downturn in COVID, with a low 'traditional' fiscal multiplier. Yet it …

spending multiplier is large when DNWR binds, but the nature of recession matters due to the opposing response of inflation. In …

) a fiscal multiplier of one and so a missing intercept close to zero. I also discuss the robustness of this aggregation …