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We estimate state-dependent government spending multipliers for the United States. We use a Factor-Augmented Interacted …, we find that government spending multipliers in a recession range from 3:56 to 3:79 at the ZLB. Away from the ZLB …, multipliers in recessions range from 2:31 to 3:05. Several robustness analyses confirm that multipliers are higher, when the …
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policy effect by estimating fiscal multipliers in both aging and non-aging economies. We find that population aging weakens …
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