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dc.identifier.citationKilponen, J., Pisani, M., Schmidt, S., Corbo, V., Hledik, T., Hollmayr,J.,...De Walque, G. (2015). Comparing fiscal multipliers across models and countries in Europe. ECB Working Paper Series No. 1760.en_GB
dc.description.abstractThis 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.en_GB
dc.publisherEuropean Central Banken_GB
dc.subjectFiscal policy -- European Union countries -- Econometric modelsen_GB
dc.subjectBanks and banking, Central -- European Union countriesen_GB
dc.subjectLabor -- Income taxen_GB
dc.subjectMonetary policyen_GB
dc.titleComparing fiscal multipliers across models and countries in Europeen_GB
dc.rights.holderThe copyright of this work belongs to the author(s)/publisher. The rights of this work are as defined by the appropriate Copyright Legislation or as modified by any successive legislation. Users may access this work and can make use of the information contained in accordance with the Copyright Legislation provided that the author must be properly acknowledged. Further distribution or reproduction in any format is prohibited without the prior permission of the copyright holder.en_GB
dc.contributor.creatorKilponen, Juha-
dc.contributor.creatorPisani, Massimiliano-
dc.contributor.creatorSchmidt, Sebastian-
dc.contributor.creatorCorbo, Vesna-
dc.contributor.creatorHledik, Tibor-
dc.contributor.creatorHollmayr, Josef-
dc.contributor.creatorHurtado, Samuel-
dc.contributor.creatorJulio, Paulo-
dc.contributor.creatorKulikov, Dmitry-
dc.contributor.creatorLemoine, Matthieu-
dc.contributor.creatorLozej, Matija-
dc.contributor.creatorLundvall, Henrik-
dc.contributor.creatorMaria, Jose R.-
dc.contributor.creatorMicallef, Brian-
dc.contributor.creatorPapageorgiou, Dimitris-
dc.contributor.creatorRysanek, Jakub-
dc.contributor.creatorSideris, Dimitrios-
dc.contributor.creatorThomas, Carlos-
dc.contributor.creatorWalque, Gregory de-
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