We analyse whether estimated multiplier effects are systematically higher if the economy
suffers a downturn. For that purpose, we conduct a meta‐regression analysis on a unique …

Motivated by the effects of the COVID-19 pandemic, we present a theory of Keynesian
supply shocks: shocks that reduce potential output in a sector of the economy, but that, by …

The euro area recently experienced a prolonged period of weak economic activity and very
low inflation. This paper reviews models of business cycle stabilization with an eye to …

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 …

Governments around the world responded to the COVID19 crisis (CVC) by aggressively
deploying fiscal policy to boost health expenditure, income transfers and increased welfare …

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 …

This paper analyzes how bounded rationality affects monetary and fiscal policy via an
empirically relevant enrichment of the New Keynesian model. It models agents' partial …

We use a unique design feature of a survey of Italian firms to study the causal effect of
inflation expectations on firms' economic decisions. In the survey, a randomly chosen subset …

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 …

Since 1982, all Alaskan residents have received a yearly cash dividend from the Alaska
Permanent Fund. Using the Current Population Survey and a synthetic control method, this …