consolidation announcements, panel VAR regressions confirm the weaker follow-up of spending-based plans and their more benign macro …

closely related to the harshness of fiscal austerity. Cumulative multiplier estimates are found to vary in a range from 1.4 to … 2.1, depending on the data source used to identify the intensity of fiscal consolidation. Given these multiplier values …

. While the on-impact fiscal multiplier at the ZLB is above the unity without any expectation about NIRP in the future, it … explains why the empirical literature does not agree on whether the fiscal multiplier is above the unity under the ZLB …. Importantly, this result is not derived from the fact that the fiscal multiplier under pure NIRP is smaller than one. In fact, in …