economy is at the effective lower bound (ELB) or in normal times does not seem to matter for the size of the multiplier … average multiplier is about 1 in normal times and between 1.6 and 2.8 at the ELB, depending on the specification. The … difference between the two multipliers is distributed largely away from zero. More generally, the multiplier is inversely …

the European Commission, respectively. The cumulative multiplier amounts to 0.7 and 1.0 in the baseline, but increases to … EZB und der Europäischen Kommission. Der kumulative Multiplikator beträgt 0.7 bzw. 1.0 in der Basislinie, steigt aber auf …