modestly negative long-run multipliers around -0.42. The multiplier is sensitive to the fraction of transfers given to credit …

canonical medium scale DSGE model. When monetary policy is characterized by a Taylor rule, the output multiplier (the change in … cycle, whereas the welfare multiplier (the consumption equivalent change in a measure of aggregate welfare for the same …. The welfare multiplier is still procyclical under passive monetary policy, albeit less so than under a Taylor rule …

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 …

. It uses trade linkages to estimate the multiplier effects of a shock as it is transmitted through other countries' output … multiplier effects are large and significant and can transmit shocks in very different patterns than predicted from a bilateral …-trade matrix. For example, due to these output-multiplier effects, a shock to one country can have a large impact on countries that …