Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/154193
Authors: 
Kilponen, Juha
Pisani, Massimiliano
Schmidt, Sebastian
Corbo, Vesna
Hlédik, Tibor
Hollmayr, Josef
Hurtado, Samuel
Júlio, Paulo
Kulikov, Dmitry
Lemoine, Matthieu
Lozej, Matija
Lundvall, Henrik
Maria, José R.
Micallef, Brian
Papageorgiou, Dimitris
Rysanek, Jakub
Sideris, Dimitris
Thomas, Carlos
de Walque, Gregory
Year of Publication: 
2015
Series/Report no.: 
ECB Working Paper 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.
Subjects: 
fiscal policy
model comparison
output multipliers
zero lower bound
JEL: 
E12
E13
E17
E62
E63
ISBN: 
978-92-899-1500-7
Document Type: 
Working Paper

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