multiplier is sensitive to the assumption of orthogonality between total factor productivity (non-fiscal proxy) and tax shocks …. If this correlation is assumed to be zero, the tax multiplier is found to be around one. If such correlation is non …-zero, as supported by our empirical evidence, we find a tax multiplier three times as large. Second, we find the spending …

multiplier is sensitive to the assumption of orthogonality between total factor productivity (non-fiscal proxy) and tax shocks …. If this correlation is assumed to be zero, the tax multiplier is found to be around one. If such correlation is nonzero …, as supported by our empirical evidence, we find a tax multiplier three times as large. Second, we find the spending …

multiplier is sensitive to the assumption of orthogonality between total factor productivity (non-fiscal proxy) and tax shocks …. If this correlation is assumed to be zero, the tax multiplier is found to be around one. If such correlation is nonzero …, as supported by our empirical evidence, we find a tax multiplier three times as large. Second, we find the spending …

multiplier is sensitive to the assumption of orthogonality between total factor productivity (non-fiscal proxy) and tax shocks …. If this correlation is assumed to be zero, the tax multiplier is found to be around one. If such correlation is non …-zero, as supported by our empirical evidence, we find a tax multiplier three times as large. Second, we find the spending …

multiplier is sensitive to the assumption of orthogonality between total factor productivity (non-fiscal proxy) and tax shocks …. If this correlation is assumed to be zero, the tax multiplier is found to be around one. If such correlation is non …-zero, as supported by our empirical evidence, we find a tax multiplier three times as large. Second, we find the spending …