On the size of fiscal multipliers: A counterfactual analysis |
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Authors: | Jan Kuckuck Frank Westermann |
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Institution: | Osnabrueck University, Institute of Empirical Economic Research, Rolandstraße 8, 49069 Osnabrueck, Germany |
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Abstract: | We point out that fiscal multipliers derived from SVAR-models include the predicted future path of policy instruments. After the initial shock, net taxes and government expenditures react to each other and are autocorrelated. In a counterfactual simulation, we report fiscal multipliers that abstract from these dynamic responses. |
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Keywords: | E62 H20 H50 |
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