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cycle further lowe ring the fiscal multiplier. Longer maturity debt leads to larger capital losses and lower Keynesian … further after a deficit financed stimulus package, eventually implying a cumulative Keynesian multiplier close to zero or even …
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We present the estimated large-scale three-region DSGE model GEAR picturing Germany, the Euro Area and the Rest of the world. Compared to existing models of this type, GEAR incorporates a comprehensive fiscal block, involuntary unemployment and a complex international structure. We use the model...
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its effects over time. The estimation is also adapted to eliminate the bias that emerges when multiple shocks might oc … robust to different fiscal shocks datasets, the exclusion of particular countries and shocks, alternative estimation methods …
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We estimate the average fiscal multiplier, allowing multipliers to be heterogeneous across countries or over time and … conventional multiplier estimates. We rely on both crosssectional and time-series variation in spending shocks, exploiting the … differential effects of oil price shocks on fuel subsidies, to identify the average government spending multiplier. Our estimates …
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