EconPapers    
Economics at your fingertips  
 

Comparing fiscal multipliers across models and countries in Europe

Grégory de Walque (), Henrik Lundvall, Dimitris Papageorgiou (), Jakub Rysanek (), Dmitry Kulikov, Paulo Júlio (), Matija Lozej, Dimitris Sideris, José Maria (), Brian Micallef, Sebastian Schmidt (), Vesna Corbo, Josef Hollmayr, Samuel Hurtado (), Tibor Hlédik, Carlos Thomas, Juha Kilponen (), Massimiliano Pisani () and Matthieu Lemoine ()

No 1760, Working Paper Series from European Central Bank

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. JEL Classification: E12, E13, E17, E62, E63

Keywords: fiscal policy; model comparison; output multipliers; zero lower bound (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-eec
Date: 2015-03
Note: 3072374
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (21) Track citations by RSS feed

Downloads: (external link)
https://www.ecb.europa.eu//pub/pdf/scpwps/ecbwp1760.en.pdf (application/pdf)

Related works:
Working Paper: Comparing fiscal multipliers across models and countries in Europe (2015) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ecb:ecbwps:20151760

Access Statistics for this paper

More papers in Working Paper Series from European Central Bank 60640 Frankfurt am Main, Germany. Contact information at EDIRC.
Bibliographic data for series maintained by Official Publications ().

 
Page updated 2019-10-20
Handle: RePEc:ecb:ecbwps:20151760