multiplier. To this end we contrast two different ways to implement the ZLB in a New Keynesian model: the ZLB modeled as an … multiplier are not only due to differences in the timing assumption of government spending but also driven by the choice of the … ZLB modeling. Ceteris paribus, the impact multiplier is higher if the ZLB is modeled appropriately as a constraint. …

sectors (sovereign risk channel). The results are the following. First, the public consumption multiplier is in general less … monetary stimuli. Third, when the sovereign risk channel is active the government spending multiplier is much lower. Finally …

adjustment, the government purchase multiplier is about one or less, and the response of hours to a tax cut is either negative or …