Cloyne, James; Jordà, Òscar; Taylor, Alan M. - 2022
The fiscal “multiplier” seeks to measure how many additional dollars of output are gained or lost for each dollar of … fiscal expansion or contraction. In practice, the multiplier at any point in time depends on the monetary policy response and …-based approach, we show how to quantify the importance of these monetary-fiscal interactions. In the data, the fiscal multiplier …