. With allowance for other factors holding back GDP growth during those wars, the multiplier linking government purchases to … as well. On the other hand, neoclassical models have a much lower multiplier, because they predict that consumption falls … when purchases rise. The key features of a model that delivers a higher multiplier are (1) the decline in the markup ratio …

. With allowance for other factors holding back GDP growth during those wars, the multiplier linking government purchases to … as well. On the other hand, neoclassical models have a much lower multiplier, because they predict that consumption falls … when purchases rise. The key features of a model that delivers a higher multiplier are (1) the decline in the markup ratio …

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 …

Distributed Lag (ARDL) approach. We provide evidence on the short‐term dynamics as well as the long‐run expenditure multiplier … effects on economic growth for the Greek economy over the period 1960–2014. We find that the size of the multiplier does not …