decomposition-based approach, we show how to unpack heterogeneity in the fiscal multiplier, an object that at any point in time may … our application, the fiscal multiplier varies considerably with monetary policy: it can be as small as zero, or as large …

depreciation, labor supply has to be extremely elastic. In a dynamic model, the fiscal stimulus must be sufficiently persistent …

a spending multiplier around unity when the economy is in an expansionary phase. The spending multiplier is greater and …. The tax revenue multiplier is negative and much smaller in magnitude than the spending multiplier. The results are robust …

This paper analyzes the redistributive channel of a money financed fiscal stimulus (MFFS). It shows that the way in …

Previous studies argue that, based on the New Keynesian framework, a fiscal stimulus financed by money creation has a … of an implementation lag in a money-financed fiscal stimulus on output. We show that if a money-financed government … demand. Our results imply that, if money demand is unstable, the money-financed fiscal stimulus with an implementation lag …

Previous studies argue that, based on the New Keynesian framework, a fiscal stimulus financed by money creation has a … of implementation lag in the money-financed fiscal stimulus on output. We show that if a money-financed government …-elasticity of money demand. Our results imply that to strengthen the efficacy of the money-financed fiscal stimulus, policymakers …

short term debt financed government spending shock makes it easier for constrained households to meet their spending needs … larger multiplier when it issues short term debt. We find that the latter effect dominates and that the optimal policy for …