to study how fiscal multipliers can change over the business cycle and are affected by the state of credit markets. We …, the size and dynamics of government spending multipliers are related to the degree and persistence of credit rationing in … the ensuing multipliers fall below one and are much lower than the ones emerging from the deficit-spending policy. Finally …

conditions in order to study how fiscal multipliers can change over the business cycle and are affected by the state of credit …. Moreover, the size and dynamics of government spending multipliers are related to the degree and persistence of credit … and the ensuing multipliers fall below one and are much lower than the ones emerging from the deficit-spending policy …

. Our goal is to better understand the reasons for the low fiscal multipliers found in the literature by performing … simulations show that this reaction partially explains the presence of low fiscal multipliers in these economies. On the other … hand, we find that government consumption shocks have better multipliers in developing economies during fixed regimes …

. Our goal is to better understand the reasons for the low fiscal multipliers found in the literature by performing … simulations show that this reaction partially explains the presence of low fiscal multipliers in these economies. On the other … hand, we find that government consumption shocks imply higher multipliers in developing economies during fixed regimes …