Factor supply increases (depresses) output for many of the same reasons that the government spending multiplier might …" and suggest that the government spending multiplier is less than one, even during the recession …

wages; in a fairly broad class of simple models, the multiplier is 1 in the case that the monetary authority maintains a … constant path for real interest rates. The multiplier can be considerably smaller, however, if the monetary authority raises … multiplier is especially plausible when monetary policy is constrained by the zero lower bound on nominal interest rates; in such …

A geographic cross-sectional fiscal spending multiplier measures the effect of an increase in spending in one region in … Reinvestment Act and a survey of empirical studies, my preferred point estimate for a cross-sectional output multiplier is 1 ….8. Economic theory of how to map these multipliers into a national multiplier has also advanced. Drawing on the theoretical …

We measure the size of the fiscal multiplier using a heterogeneous-agent model with incomplete markets, capital and ….We find that market incompleteness is key to determining the size of the fiscal multiplier, which is uniquely determined in … our model for any combination of fiscal and monetary policies of interest. The multiplier is 1.34 if deficit-financed and …