that sales tax cut multiplier can be well above one (joint with government spending) when zero lower bound on nominal … multiplier of government spending that is very close to the one in Bernstein and Romer (2009) but later declines with horizon in … multiplier calculated similarly to Campolmi et al. (2010) implies roughly the same value for both types of preferences for …

-agent New Keynesian model, this paper shows analytically that the multiplier on targeted transfers to financially constrained … households is (i) larger than the purchase multiplier if the zero lower bound (ZLB) binds, and (ii) is more sensitive to the …, such as when the zero lower bound binds, the extra inflation from lower supply boosts the multiplier. This result also …

adjustment, the government purchase multiplier is about one or less, and the response of hours to a tax cut is either negative or …

multiplier nontrivially when the policy rate is constrained at the zero lower bound (ZLB). In the economy with policy inertia … the recession via expectations. In our baseline calibration, the output multiplier at the ZLB is 2.5 when the weight on …