Please use this identifier to cite or link to this item:
Title: Comparing fiscal multipliers across models and countries in Europe
Authors: Kilponen, Juha
Pisani, Massimiliano
Schmidt, Sebastian
Corbo, Vesna
Hledik, Tibor
Hollmayr, Josef
Hurtado, Samuel
Julio, Paulo
Kulikov, Dmitry
Lemoine, Matthieu
Lozej, Matija
Lundvall, Henrik
Maria, Jose R.
Micallef, Brian
Papageorgiou, Dimitris
Rysanek, Jakub
Sideris, Dimitrios
Thomas, Carlos
Walque, Gregory de
Keywords: Fiscal policy -- European Union countries -- Econometric models
Banks and banking, Central -- European Union countries
Labor -- Income tax
Monetary policy
Issue Date: 2015-03
Publisher: European Central Bank
Citation: Kilponen, 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.
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.
Appears in Collections:2015

Files in This Item:
File Description SizeFormat 
Comparing_fiscal_multipliers_across_models_and_countries_in_Europe_2015.pdf560.81 kBAdobe PDFView/Open

Items in OAR@UM are protected by copyright, with all rights reserved, unless otherwise indicated.