multiplier is 1.5 in the ZLB period, and 0.6 outside of it. We argue that these results are not driven by the amount of slack in …

multiplier nontrivially when the policy rate is constrained at the zero lower bound (ZLB). In the economy with policy inertia … the recession via expectations. In our baseline calibration, the output multiplier at the ZLB is 2.5 when the weight on …

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. …

macroeconomic model which reproduces this observation. The model predicts that the fiscal multiplier takes conventional values …

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 …