Fiscal Multipliers in Recessions
Bibliographic Data
| ID | 9718204 |
|---|---|
| Authors | Matthew B Canzoneri (Georgetown University), Matthew Canzoneri (Georgetown University), Fabrice Collard (0009-0008-3534-0511, University of Bern), Harris Dellas (University of Bern), Behzad Diba (Georgetown University) |
| Year | 2016 |
| Volume | 126 |
| Issue | 590 |
| Pages | 75-108 |
| Publication date | 2016-02-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Economic Journal (JOURNAL) |
| Journal identifiers | ISSN: 0013-0133 • E-ISSN: 1468-0297 |
| Publisher | Oxford University Press (OUP) (PUBLISHER) |
| DOI | 10.1111/ecoj.12304 |
| OpenAlex | W1944875422 |
| Language | EN |
| Citations received | 15 |
| References cited | 31 |
Standard business cycle models have difficulties generating large, state‐dependent fiscal multipliers. Employing a model of costly financial intermediation based on Curdia–Woodford, we show that fiscal multipliers can be strongly state dependent: fiscal expansions during recessions may lead to multiplier values exceeding two, while similar expansions during economic booms would produce values falling short of unity. This pattern obtains if the spread (the financial friction) is more sensitive to fiscal policy during recessions than during expansions, a feature that is present in the data. Our results are consistent with recent empirical work documenting the state contingency of multipliers
Boom · Business cycle · Econometrics · Economics · Fiscal multiplier · Fiscal policy · Government spending · Keynesian economics · Macroeconomics · Multiplier (economics · Recession · Economic theories and models · Global Financial Crisis and Policies · Monetary Policy and Economic Impact
Nonlinear effects of government spending shocks in the USA
Public expenditure multiplier across business cycle phases in an emerging economy
Estimating the impact of the financial cycle on fiscal policy
The Nexus between Public Debt and the Government Spending Multiplier
Monetization and the Fiscal Multiplier
The Euro Area Government Spending Multiplier in Demand‐ and Supply‐Driven Recessions
Fiscal Impulse and Post-crisis Estimate of Fiscal Multipliers in the Czech Republic
Fiscal Multipliers and Financial Crises
Heterogeneous Government Spending Multipliers in the Era Surrounding the Great Recession
Immigration and public finances in OECD countries
Government Spending Multipliers in Good Times and in Bad
The effects of military and non-military government expenditures on private consumption
Estimating Fiscal Multipliers
Why are Fiscal Multipliers Asymmetric? The Role of Credit Constraints
Ten Years After the Financial Crisis
A New Approach to the Economic Analysis of Nonstationary Time Series and the Business Cycle
Fiscal Stimulus in a Monetary Union
An Empirical Characterization of the Dynamic Effects of Changes in Government Spending and Taxes on Output
Understanding the Effects of Government Spending on Consumption
Shocks and Frictions in US Business Cycles
Measuring the Output Responses to Fiscal Policy
Are Negative Supply Shocks Expansionary at the Zero Lower Bound
When Is the Government Spending Multiplier Large
Income and Wealth Heterogeneity in the Macroeconomy
Local Government Spending Multipliers and Financial Distress
By How Much Does GDP Rise If the Government Buys More Output
Identifying Government Spending Shocks
| Unique citing works | 15 |
|---|---|
| Citations per year | 1,36 |
| Citation span | 2015 - 2025 (11) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 15 |