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 …

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

. 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 …

demand shocks in counties with more generous benefits. Our analysis finds that the local fiscal multiplier of unemployment …

observed economic shocks. Our estimates imply a local income multiplier of government spending between 1.7 and 2, and a cost … per job of $30,000 per year. A complementary IV estimation strategy yields similar estimates. We also explore the …