have constrained monetary authorities to respond to inflation and output during crisis, while there is mixed evidence for …

growth-enhancing investment and thus the long-run trend, generating a positive trend multiplier. Multipliers of fiscal growth …

multiplier of fiscal expansion is found to be significantly dampened by tighter financial conditions in case households are less …

multiplier effects of shocks to net-revenues, taxes, social security contributions and benefits in a proxy SVAR framework …). We find multiplier effects of net-revenue components for Germany between 0 and 1 for both the top-down and bottom …

policy varies between inflation targeting and restrained price level determination. I find that spillover multipliers are …

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. …