News on Asymmetric Fiscal Multipliers

Andrea Cappelletti ()
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Andrea Cappelletti: University of Padova

No 330, "Marco Fanno" Working Papers from Dipartimento di Scienze Economiche "Marco Fanno"

Abstract: This paper investigates the asymmetric effects of expansionary and contractionary fiscal shocks in the U.S. economy using a state-of-the-art non-linear local projection framework. To identify fiscal shocks, I use a proxy based on revisions to the mean forecast of government spending growth from the Survey of Professional Forecasters, which represent unexpected changes in expectations about government spending. The estimated fiscal multipliers are larger following positive fiscal shocks than following negative ones, indicating asymmetric effects of fiscal policy interventions.

Keywords: : Fiscal Policy; Government Spending; Government Spending Multiplier; Sign Asymmetry (search for similar items in EconPapers)
Pages: 23 pages
Date: 2025-12
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Persistent link: https://EconPapers.repec.org/RePEc:pad:wpaper:0330

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