{
  "title": "Fiscal Multipliers: Size, Determinants, and Use in Macroeconomic Projections",
  "publication": "Technical Notes and Manuals, October 2, 2014",
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  "summary": "Fiscal multipliers are important tools for macroeconomic projections and policy design. In many countries, little is known about the size of multipliers, as data availability limits the scope for empirical research.",
  "sections": [
    {
      "heading": "Summary and purpose",
      "content": "- Fiscal multipliers are important tools for macroeconomic projections and policy design.\n- Data availability limits the scope for empirical research in many countries, so little is known about the size of multipliers in those cases.\n- The note provides general guidance on:\n  - definition, measurement, and use of fiscal multipliers;\n  - literature on multipliers' size, persistence, and determinants;\n  - a simple method to obtain reasonable values where no reliable estimate exists;\n  - options to incorporate multipliers in macroeconomic forecasts."
    },
    {
      "heading": "Key findings from the note (literature review focus)",
      "content": "- Reviews the literature related to:\n  - the size of fiscal multipliers;\n  - the persistence of multiplier effects;\n  - determinants of multipliers.\n- Emphasizes heterogeneity across countries and episodes due to data limitations and differing structural characteristics."
    },
    {
      "heading": "Method for countries without reliable multiplier estimates",
      "content": "- Proposes a simple method to come up with reasonable multiplier values when no reliable estimate is available.\n- The method is presented as practical guidance for forecasters and policy designers facing limited empirical evidence."
    },
    {
      "heading": "Incorporating multipliers in macroeconomic forecasts",
      "content": "- Presents options to incorporate fiscal multipliers in macroeconomic forecasts.\n- Focuses on how multipliers can be used operationally in projection exercises and policy analysis."
    },
    {
      "heading": "Subject coverage and keywords",
      "content": "- Subject areas: Automatic stabilizers, Expenditure, Fiscal consolidation, Fiscal multipliers, Fiscal policy, Output gap, Production.\n- Keywords include: Fiscal consolidation, fiscal multiplier, fiscal multipliers, Fiscal policy, Global, government spending, multiplier estimate, multipliers in EME, Output gap, revenue management, shock effect, spending, spending shock, stance factor, TNM.\n\n---\n\n Content in this bundle\n\n- tnm1404\n  - tnm1404 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - tnm1404 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/tnm/issues/2016/12/31/fiscal-multipliers-size-determinants-and-use-in-macroeconomic-projections-41784"
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    "Authors: Nicoletta Batini, Lorenzo Forni",
    "Published: October 2, 2014",
    "Series: Technical Notes and Manuals",
    "DOI: https://doi.org/10.5089/9781498382458.005",
    "Fiscal multipliers are important tools for macroeconomic projections and policy design.",
    "Data availability limits the scope for empirical research in many countries, so little is known about the size of multipliers in those cases.",
    "The note provides general guidance on:",
    "Reviews the literature related to:",
    "Emphasizes heterogeneity across countries and episodes due to data limitations and differing structural characteristics.",
    "Proposes a simple method to come up with reasonable multiplier values when no reliable estimate is available.",
    "The method is presented as practical guidance for forecasters and policy designers facing limited empirical evidence.",
    "Presents options to incorporate fiscal multipliers in macroeconomic forecasts.",
    "Focuses on how multipliers can be used operationally in projection exercises and policy analysis.",
    "Subject areas: Automatic stabilizers, Expenditure, Fiscal consolidation, Fiscal multipliers, Fiscal policy, Output gap, Production.",
    "Keywords include: Fiscal consolidation, fiscal multiplier, fiscal multipliers, Fiscal policy, Global, government spending, multiplier estimate, multipliers in EME, Output gap, revenue management, shock effect, spending, spending shock, stance factor, TNM.",
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