substitution effects, yielding uniform comparisons across models. By constraining the multiplier to tight ranges, model and prior …

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 …

effects from these partisan differences. First, the transfer multiplier would rise by 0.60 if Republican governors were to … imply variation in the fiscal multiplier of 0.40. Local projection regressions support this prediction …

countries, (ii) the fiscal multiplier is relatively large in economies operating under predetermined exchange rates but is zero …

output multiplier whereas it can produce a realistic unemployment multiplier but only under a special parameterization …