closely related to the harshness of fiscal austerity. Cumulative multiplier estimates are found to vary in a range from 1.4 to … 2.1, depending on the data source used to identify the intensity of fiscal consolidation. Given these multiplier values …

cycle further lowe ring the fiscal multiplier. Longer maturity debt leads to larger capital losses and lower Keynesian … further after a deficit financed stimulus package, eventually implying a cumulative Keynesian multiplier close to zero or even …

We show that fiscal multiplier estimations may be biased by movements in asset and credit markets, as they facilitate …