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Comparing fiscal multipliers across models and countries in Europe. National Bank of Belgium Working Paper No. 278, March 2015

Walque, Gregory de and Kilponen, Juha and Pisani, Massimiliano and Schmidt, Sebastian and Corbo, Vesna and Hledik, Tibor and Hollmayr, Josef and Hurtado, Samuel and Júlio, Paulo and Kulikov, Dmitry and Lemoine, Matthieu and Lozej, Matija and Lundvall, Henrik and Maria, José R. and Micallef, Brian and Papageorgiou, Dimitris and Rysanek, Jakub and Sideris, Dimitrios and Thomas, Carlos (2015) Comparing fiscal multipliers across models and countries in Europe. National Bank of Belgium Working Paper No. 278, March 2015. [Working Paper]

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    Abstract

    This paper employs fifteen dynamic macroeconomic models maintained within the European System of Central Banks to assess the size of fiscal multipliers in European countries. Using a set of common simulations, we consider transitory and permanent shocks to government expenditures and different taxes. We investigate how the baseline multipliers change when monetary policy is transitorily constrained by the zero nominal interest rate bound, certain crisis-related structural features of the economy such as the share of liquidity-constrained households change, and the endogenous fiscal rule that ensures fiscal sustainability in the long run is specified in terms of labour income taxes instead of lump-sum taxes.

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    Item Type: Working Paper
    Uncontrolled Keywords: Fiscal policy, Output multipliers, Model comparison, Zero lower bound
    Subjects for non-EU documents: EU policies and themes > Policies & related activities > economic and financial affairs > fiscal policy
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > National Bank of Belgium (Brussels) > Working Papers
    Depositing User: Unnamed user with email kms214@pitt.edu
    Official EU Document: No
    Language: English
    Date Deposited: 06 Apr 2015 20:13
    Number of Pages: 50
    Last Modified: 06 Apr 2015 20:13
    URI: http://aei.pitt.edu/id/eprint/63429

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