Government spending at the zero lower bound (ZLB) is not necessarily welfare enhancing, even when its output multiplier …

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

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 …

We argue that the government-spending multiplier can be much larger than one when the zero lower bound on the nominal … larger is the value of the multiplier. After providing intuition for these results, we investigate the size of the multiplier … in a dynamic, stochastic, general equilibrium model. In this model the multiplier effect is substantially larger than one …

.8. Economic theory of how to map these multipliers into a national multiplier has also advanced. Drawing on the theoretical …A geographic cross-sectional fiscal spending multiplier measures the effect of an increase in spending in one region in … Reinvestment Act and a survey of empirical studies, my preferred point estimate for a cross-sectional output multiplier is 1 …

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

We measure the size of the fiscal multiplier using a heterogeneous-agent model with incomplete markets, capital and …We find that market incompleteness is key to determining the size of the fiscal multiplier, which is uniquely … determined in our model for any combination of fiscal and monetary policies of interest. The multiplier is 1.34 if deficit …