NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

How Big (Small?) are Fiscal Multipliers?

Ethan Ilzetzki, Enrique G. Mendoza, Carlos A. Végh

NBER Working Paper No. 16479
Issued in October 2010

---- Acknowledgements -----

We thank Giancarlo Corsetti, Antoinio Fatas, James Feyrer, Yuriy Gorodnichenko, Guy Michaels, Phillip Lane, Roberto Perotti, Carmen Reinhart, Vincent Reinhart, Luis Serven, Todd Walker, Tomasz Wieladek and participants at several conferences and seminars for their useful comments. We thank numerous officials at …nance ministries, central banks, national statistical agencies, and the IMF for their assistance in compiling the dataset. Giagkos Alexopoulos, Florian Blum and Daniel Osorio-Rodriguez provided excellent research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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