concept to account for the cross-country variation in the fiscal stimulus associated with the global crisis of 2009-2010. We …, and lower trade openness were associated with a higher fiscal stimulus/GDP during 2009-2010. Joint estimation indicates … that higher trade openness was associated with lower fiscal stimulus and higher depreciation rate during 2009-2010 …

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

levels of public debt, thus limiting the ability of policymakers to fight the next recession. Whether new fiscal stimulus … borrowing, especially during periods of economic weakness. Indeed, fiscal stimulus in a weak economy can improve fiscal …

shocks, with military spending having the largest multiplier. Third, we show that controlling for predictable components of …

or decreases, the “true” long-run multiplier for bad times (and government spending going up) turns out to be 2 ….3 compared to 1.3 if we just distinguish between recession and expansion. In extreme recessions, the long-run multiplier reaches …

estimate 'the' government multiplier, which is presumably a weighted average of the one we care about -- the multiplier in a … recession -- and one we care less about -- the multiplier in an expansion. Notable exceptions to this general claim suggest this …