even by 20% for liquidity-constrainedhouseholds. The long-run present value multiplier of the package amounts to 0 …

restriction reduces the effectiveness of a temporary VAT reduction, we find a short-term multiplier of 1.8. However, the … cumulative multiplier reduces to below 1 over the medium term due to a shift in durable goods consumption toward 2020. Thus, the …

linear benchmark SVAR, the analysis finds that hiking spending yields a short-term fiscal multiplier of around 0.70, while … the fiscal multiplier resulting from an increase in taxes and social security contributions is -0.66. In addition, the …

linear benchmark SVAR, the analysis finds that hiking spending yields a short-term fiscal multiplier of around 0.70, while … the fiscal multiplier resulting from an increase in taxes and social security contributions is -0.66. In addition, the …

find sizeable effects of VAT measures on consumption (esp. durables) with a multiplier larger than one on GDP and can match …

autoregressions, we document a significant crowding-in of private investment and an output multiplier of roughly 2. Then, we match a … New Keynesian dynamic stochastic general equilibrium model to the empirical responses, and we decompose the multiplier … capacity in the medium run, and it generates demand effects along the production network. We find a similar multiplier in other …