Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/232603 
Erscheinungsjahr: 
2020
Schriftenreihe/Nr.: 
Sveriges Riksbank Working Paper Series No. 400
Verlag: 
Sveriges Riksbank, Stockholm
Zusammenfassung: 
Using a novel rich dataset at the regional level, this paper provides new empirical evidence on the €fiscal transmission mechanism in the Eurozone. Our baseline estimates reveal a government spending relative output multiplier of 2.9, an employment multiplier of 1.9, and a cost per job created of €24,000. Moreover, we €find that a regional €scal stimulus leads to a signi€cant increase in private investment, productivity, durable consumption, and real wages together with a signi€cant rise in total hours worked driven by changes in the extensive margin (total employment), whereas the intensive margin (hours per worker) barely reacts. We estimate only small regional €fiscal spillovers but detect notable state dependencies. Regional fi€scal multipliers are larger in economic recessions, during €fiscal consolidations, and in the core countries of the Eurozone.
Schlagwörter: 
Fiscal policy
Regional government spending multipliers
Eurozone
ARDECO
JEL: 
E32
E62
R12
Dokumentart: 
Working Paper
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