Government spending at the zero lower bound (ZLB) is not necessarily welfare enhancing, even when its output multiplier …

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 …