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Blanchard and Leigh (2013, 2014) find fiscal multipliers to be underestimated in the EU in the deep recession of the …
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This paper analyzes the effects of time-varying fiscal policy behavior on output and consumption multipliers within a … rigidities. I first show that multipliers differ significantly across fiscal regime mixes that follow a two-state Markov … calibration results show that consumption multipliers to be small and negative. However, the output multiplier is positive and …
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multipliers and marginal propensities to consume based on the extensive empirical literature. I compare them to basic and extended …
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