Growth forecast errors and government investment and consumption multipliers
International Review of Applied Economics, 2017, vol. 31, issue 1, 83-107
We compare government investment and consumption multipliers in developed economies during the initial years of the ongoing fiscal consolidation. We find that, in countries with high public debt, the investment multiplier is likely to be higher than what has been assumed by policy-makers and higher than the consumption multiplier. This leads to the conclusion that the consolidation should be accompanied by increased public investment.
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