trillion. The effect of reserve balances in simple macroeconomic models often comes through the money multiplier, affecting the … money. Nevertheless, some academic research and many textbooks continue to use the money multiplier concept in discussions … the standard multiplier model or the bank lending channel. In particular, if the level of reserve balances is expected to …

that standard identification schemes imply different priors on elasticities, generating a large dispersion in multiplier … inference on multipliers. Our results for the U.S. for the period 1947-2006 suggest that the probability of the tax multiplier … being larger than the spending multiplier is below 0.5 at all horizons …

countries give rise to a "multiplier effect": when a shock in the international food market drives up (down) its price … activism. We test this theory with a new dataset that comprises monthly information on trade measures across 125 countries and … 29 food products for the period 2008-10, finding evidence of a multiplier effect. Global restrictions in a product (i …

We calculate the magnitude of the government consumption multiplier in linearized and nonlinear solutions of a New … that the nonlinear solution is associated with a much smaller multiplier than the linearized solution in long …

We calculate the magnitude of the government consumption multiplier in linearized and nonlinear solutions of a New … that the nonlinear solution is associated with a much smaller multiplier than the linearized solution in long …