This paper takes stock of what we have learned from the “Renaissance” in fiscal research in
the ten years since the financial crisis. I first discuss the new innovations in methodology and …

The term “austerity” indicates a policy of sizeable reduction of govern-ment deficits and
stabilization of government debt achieved by means of spending cuts or tax increases, or …

I study the effects of the 2020 coronavirus outbreak in the United States and subsequent
fiscal policy response in a nonlinear DSGE model. The pandemic is a shock to the utility of …

We generalize the traditional, static Keynesian cross by deriving an intertemporal Keynesian
cross for the dynamic output response to government spending and taxes in microfounded …

We investigate whether US government spending multipliers are higher during periods of
economic slack or when interest rates are near the zero lower bound. Using new quarterly …

Public capital can play an important role in increasing long-run output and standards of
living. Because of nonrivalry in consumption, non excludability in use, or both, the private …

We use rich historical data on military procurement to estimate the effects of government
spending. We exploit regional variation in military buildups to estimate an “open economy …

We show that the correct experiment to evaluate the effects of a fiscal adjustment is the
simulation of a multi-year fiscal plan rather than of individual fiscal shocks. Simulation of …

This paper explains the key factors that determine the output multiplier of government
purchases in New Keynesian models, through a series of simple examples that can be …

We quantify government spending multipliers in US data using Bayesian prior and posterior
analysis of a monetary model with fiscal details and two distinct monetary-fiscal policy …