What determines government spending multipliers?
利用OECD国家面板数据，研究汇率制度、公共债务和金融系统健康状况如何影响政府支出对产出和消费的乘数效应，发现金融危机期间乘数异常高。
This paper studies how the effects of government spending vary with the economic environment. Using a panel of OECD countries, we identify fiscal shocks as residuals from an estimated spending rule and trace their macroeconomic impact under different conditions regarding the exchange rate regime, public indebtedness, and health of the financial system. The unconditional responses to a positive spending shock broadly confirm earlier findings. However, conditional responses differ systematically across exchange rate regimes, as real appreciation and external deficits occur mainly under currency pegs. We also find output and consumption multipliers to be unusually high during times of financial crisis.— Giancarlo Corsetti, André Meier and Gernot J. Müller