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A Peer-reviewed scientific articles/A1 Journal article (refereed), original research
      
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Comparing Fiscal Consolidation Multipliers Across Models in Europe, International Journal of Central Banking (2019). Kilponen, Juha; Pisani, Massimilian; Schmidt, Sebastian; Corbo, Vesna; Hledik, 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, Dimitrios; Thomas, Carlos; Walque, Gregory De


Category A Peer-reviewed scientific articles
Sub-category A1 Journal article (refereed), original research
auki Internal authors
All authors as text Kilponen, Juha; Pisani, Massimilian; Schmidt, Sebastian; Corbo, Vesna; Hledik, 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, Dimitrios; Thomas, Carlos; Walque, Gregory De 
Number of authors 19 
Status Published
Year of publication 2019 
Date 15.09.2019 
Name of article Comparing Fiscal Consolidation Multipliers Across Models in Europe 
Name of journal International Journal of Central Banking
Volume of issue September 
Abstract This paper employs fifteen dynamic macroeconomic models maintained within the European System of Central Banks to assess the macroeconomic effects of a temporary fiscal tightening when the zero lower bound (ZLB) on monetary policy holds for two years. The main results are as follows. First, the ZLB does not greatly affect short-run multipliers in the case of a temporary fiscal tightening implemented in isolation by a generic euro-area (EA) country. Second, the ZLB unfolds quite sizable effects on the size of multipliers if the same fiscal tightening measure is simultaneously implemented in the whole EA. Third, public consumption multipliers are typically larger in absolute value than short-run tax (on labor income, capital income, and consumption) multipliers. Fourth, recessionary effects of the initial fiscal tightening are lower if distortionary taxes are reduced in the medium and long run.
Free text descriptor in Finnish finanssipolitiikka ; julkinen talous ; mallit ; Eurooppa 
JEL-codes E12, E13, E17, E62, E63 
ISSN / e-ISSN 1815-4654 
auki Internet addresses
Notes European Central Bank Working Paper No 1760 / March 2015 
Open Access Open access -publication


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