Canzoneri, Matthew B; Collard, Fabrice; Dellas, Harris; … - C.E.P.R. Discussion Papers - 2015
The Great Recession, and the fiscal response to it, has revived interest in the size of fiscal multipliers. Standard …-Woodford model of costly financial intermediation and show that fiscal multipliers can be strongly state dependent in a … (the financial friction) is more sensitive to fiscal policy during recessions than during expansions, a feature that is …