spending multiplier is large when DNWR binds, but the nature of recession matters due to the opposing response of inflation. In …

) a fiscal multiplier of one and so a missing intercept close to zero. I also discuss the robustness of this aggregation …

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 …

If there was any time to expect a large peace-time multiplier effect from federal spending in the states, it would have …. Using panel data methods we estimate a multiplier, defined as the change in per capita state economic activity in response … to an additional dollar per capita of federal funds. The state per capita personal income multiplier with respect to per …

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 …

Factor supply increases (depresses) output for many of the same reasons that the government spending multiplier might …" and suggest that the government spending multiplier is less than one, even during the recession …