-skill premium. We next find that vacancy subsidies for skilled and unskilled jobs lead to output multipliers which are greater than …

spending multipliers in the decade surrounding the Great Recession. We find average multipliers that are similar to those that … cumulative multipliers were around 2 in the impact quarter, but declined to less than 1 after one year. Second, implied relative … multipliers ranged between 0 and more than 4 across states at particular points in time, as well as for the same state at …

multiplier; (ii) positive long-run output multipliers are obtained only if the generational turnover effect is dominated by the … intertemporal labor supply effect; (iii) short-run output multipliers under lump-sum tax financing are smaller than long-run output … multipliers if labor supply is elastic; and (iv) bond financing reduces the size of long-run output multipliers as compared to …

taxation on cycles and local stability of equilibria. We show that under proportional taxation there is a critical tax rate … above which cycles will vanish, while in the case of linearly progressive taxation there is a critical level of exemption … below which cycles will vanish as well. Hence, a sufficiently high tax rate and a low tax progression eliminate cycles. If …

subject to cycles in which capital, output and employment vary in fixed proportion. These increase through saving and capital …