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 …

inflation from its trend, implying that the more demand-driven a recession, the higher the multiplier. Median multipliers range …