security, taxes, and government debt and study how a fiscal multiplier depends on various country characteristics. We find that … the fiscal multiplier is highly sensitive to the fraction of the population who face binding credit constraints and also …

though this new model shows previous evidence that the output gap multiplier in normal times can be overestimated by ignoring … exacerbated in the presence of real cost channel and then the output gap multiplier can be lower. In particular, after the zero … multiplier. Finally, I leverage this new framework to confirm the robust role of the real cost channel on policy multipliers …

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 …

We estimate the fiscal (spending) multiplier using quarterly U.S. data, 1986-2017. We define government spending shocks …

fiscal multiplier is adversely affected by the amount of public debt. A regression model on a panel of 26 EU countries over …

difference in the size of the multiplier of government expenditures and indirect tax revenues between three levels of government …

multiplier is sensitive to the assumption of orthogonality between total factor productivity (non-fiscal proxy) and tax shocks …. If this correlation is assumed to be zero, the tax multiplier is found to be around one. If such correlation is non …-zero, as supported by our empirical evidence, we find a tax multiplier three times as large. Second, we find the spending …

multiplier is sensitive to the assumption of orthogonality between total factor productivity (non-fiscal proxy) and tax shocks …. If this correlation is assumed to be zero, the tax multiplier is found to be around one. If such correlation is non …-zero, as supported by our empirical evidence, we find a tax multiplier three times as large. Second, we find the spending …