that this over-proportionality is stronger for the fiscal multiplier on inflation than on output. We relate this finding to … on output and, in particular, also on inflation in the euro area under alternative settings for monetary policy. We …

fiscal policy interventions caused by government purchases. We estimate the government spending multiplier to be above 1 …

ordering these consolidation strategies by multiplier size or their welfare consequences leads to very different rankings. With …

tied to how much inflation it generates, which in turn hinges on monetary-fiscal adjustments that ultimately finance the … raises taxes to finance transfers while in the fiscal regime, inflation rises, effectively imposing inflation taxes on public … debt holders. We show analytically in a simple model how the fiscal regime generates larger and more persistent inflation …

We show that the effectiveness of redistribution policy is tied to how much inflation it generates, and thereby to … while in the fiscal regime, inflation rises, imposing inflation taxes on public debt holders. We show analytically that the … fiscal regime generates larger and more persistent inflation than the monetary regime. In a two‐sector model, we quantify the …

growth-enhancing investment and thus the long-run trend, generating a positive trend multiplier. Multipliers of fiscal growth …

multiplier effects of shocks to net-revenues, taxes, social security contributions and benefits in a proxy SVAR framework …). We find multiplier effects of net-revenue components for Germany between 0 and 1 for both the top-down and bottom …

policy varies between inflation targeting and restrained price level determination. I find that spillover multipliers are …

multiplier. To this end we contrast two different ways to implement the ZLB in a New Keynesian model: the ZLB modeled as an … multiplier are not only due to differences in the timing assumption of government spending but also driven by the choice of the … ZLB modeling. Ceteris paribus, the impact multiplier is higher if the ZLB is modeled appropriately as a constraint. …

long run. In particular, we show that if monetary policy reacts aggressively to inflation, this supports a steady state … where inflation is close to the central bank's target. However, the same aggressive policy simultaneously favours the … inflation are lower and monetary policy is constrained by the effective lower bound. We discuss how fiscal policy can be used to …