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

decomposition-based approach, we show how to unpack heterogeneity in the fiscal multiplier, an object that at any point in time may … our application, the fiscal multiplier varies considerably with monetary policy: it can be as small as zero, or as large …

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" measures how many additional dollars of output are gained or lost for each dollar of fiscal … stimulus or contraction. In practice, the multiplier at any point in time depends on the monetary policy response and existing …, we show how to quantify the importance of these monetary-fiscal interactions. In the data, the fiscal multiplier varies …

. 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 …