NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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The Fiscal Multiplier

Marcus Hagedorn, Iourii Manovskii, Kurt Mitman

NBER Working Paper No. 25571
Issued in February 2019

---- Acknowledgments ----

We thank our discussants, Adrien Auclert, Florin Bilbiie, Keith Kuester, Tomasso Monacelli, and Christian Moser, and participants at CityU Hong Kong, Columbia, Copenhagen, EUI, Frankfurt, HECER, Konstanz, Maryland, NOVA, NYU, Princeton, Queen Mary, Royal Holloway, Rutgers, UCSD, Wisconsin, Yale, NBER EFG 2018, NBER SI EFACR, AEA Annual Meeting, Bank of Finland, CEPR/ADEMU Conference on Fiscal Policy in the EMU, Zurich Mini-Conference on Heterogeneous Agents Macroeconomics, Greater Stockholm Macro Group, Barcelona Summer Forum, LAEF/UCSB Conference on Why the Government Does Whatever it is the Government Does, Minnesota Workshop in Macroeconomic Theory, EIEF Pizzanomics Conference, SED Annual Meeting, Banco de Espana and Carlos III Workshop on Quantitative Macroeconomics, ADEMU Conference on the New Macroeconomics of Aggregate Fluctuations and Stabilization Policy, USC Dornsife INET Conference on Inequality, Globalization, and Macroeconomics, Bank of Ukraine Conference on Interaction of Fiscal and Monetary Policies, and Fiscal Policy Workshop at the Richmond Fed. Support from the National Science Foundation Grant Nos. SES-0922406 and SES-1357903, FRIPRO Grant No. 250617, the Ragnar Soderbergs stiftelse, and the European Research Council grant No. 759482 under the European Union's Horizon 2020 research and innovation programme is gratefully acknowledged. 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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