economy is at the effective lower bound (ELB) or in normal times does not seem to matter for the size of the multiplier … average multiplier is about 1 in normal times and between 1.6 and 2.8 at the ELB, depending on the specification. The … difference between the two multipliers is distributed largely away from zero. More generally, the multiplier is inversely …

-called r-g. Whether the fiscal shock occurs when r-g is positive or negative matters for the size of the multiplier. Median … multiplier is inversely correlated with r-g. The calculations are based on the estimates of a factor-augmented interacted panel …

This paper studies the fiscal multiplier using a small-open-economy DSGE model enriched with financial frictions. It … shows that the multiplier is large when frictions are present in domestic and international financial markets. The reason is … ignore the presence of frictions in international capital markets tend to underestimate the fiscal multiplier …

government spending and pushing up the output multiplier. The same external financing, however, tends to appreciate the real … exchange rate and as a result, traded output can respond quite negatively, reducing the overall output multiplier. Although … dampen the output multiplier. Since LICs often import substantial amounts of goods, public investment may not be as effective …

This paper provides estimates of the government spending multiplier over the monetary policy cycle. We identify …, we find that the federal government spending multiplier is substantially higher under accommodative than non …

multipliers for the United States. With these results, it computes the cumulative multiplier of Ramey and Zubairy (2018), now … multiplier is much larger than the cumulative spending one. Hence, the conclusions depend on the definition of multiplier. This …