responses to an aggregate fiscal multiplier using a multi-region, New Keynesian model with heterogeneous agents, incomplete … markets, and trade linkages. Our model is consistent with the estimated positive local multiplier, a result that distinguishes … multiplier is twice as large as the local multiplier because trade linkages propagate the effect of government spending across …

spending by $0.29. We translate the regional consumption responses to an aggregate fiscal multiplier using a multi-region, New … multiplier, a result that distinguishes our incomplete markets model from models with complete markets. The aggregate consumption … multiplier is 0.64, which implies an output multiplier higher than one. The aggregate consumption multiplier is larger than the …

overall and non-green multipliers are driven by southern provinces, while the green multiplier is driven by the rest of the … country, despite the contemporaneous green multiplier being equal to 1.43 in the south. I link the heterogeneity to governance … characteristics: higher government effectiveness and institutional quality decrease the overall and non-green multiplier, while they …

output in Italy. The fiscal multiplier, which is maximized at the one year horizon, follows a U-shape over the sample …, we use this model to study the macroeconomic effects of government spending shocks in Italy over the 1988Q4-2013Q3 period …. Italy - as well as most other euro area economies - is characterised by short quarterly time series for fiscal variables …

tend to have positive effects on output in Italy. The fiscal multiplier, which is maximized at the one year horizon … time-varying model. Second, we use this model to study the macroeconomic effects of government spending shocks in Italy … over the 1988Q4-2013Q3 period. Italy - as well as most other euro area economies - is characterised by short quarterly time …

This paper shows that the fiscal multiplier for purchases of durable and investment goods is very small - much smaller … than the multiplier for nondurable goods. Standard models predict small durables multipliers because private sector …

multipliers for the United States. With these results, it computes the cumulative multiplier of Ramey and Zubairy (2018), now … multiplier is much larger than the cumulative spending one. Hence, the conclusions depend on the definition of multiplier. This …

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 …