countercyclical manner. In particular, a fiscal expansion during a recession may lead to multiplier values exceeding two, while a …

Euro Area. We find that an increase in capital investment risk shock, results in a considerably deeper recession when …

This paper proposes a dynamic stochastic general equilibrium model in which the government-consumption multiplier …

government spending on public-sector jobs reduces unemployment, especially during recessions: the fiscal multiplier …

and a New Keynesian framework, and compare them with those resulting from a more conventional debt-financed stimulus. My … rigidities, a money-financed fiscal stimulus is shown to have very strong effects on economic activity, with relatively mild …

In a situation where agents can only observe a noisy signal of the shock to future economic fundamentals, SVAR models … can still be successfully employed to estimate the shock and the associated impulse response functions. Identification is … role of the "noise" shock the component of the signal observed by agents which is unrelated to economic fundamentals as a …