Why are fiscal multipliers asymmetric? The role of credit constraints

Recent empirical evidence strongly points to the state-dependence of fiscal multipliers which are larger in recessions than in expansions. Yet, standard business cycle models face great difficulty in producing such asymmetric fiscal policy effects. By incorporating endogenously binding collateral co...

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Bibliographic Details
Main Authors: Richard McManus, Gulcin Ozkan, Dawid Trzeciakiewicz
Format: Default Article
Published: 2020
Subjects:
Other economics not elsewhere classified
Fiscal policy
Fiscal multipliers
Housing market
Collateral constraints
Recessions
Economics
Economics not elsewhere classified
Online Access:https://hdl.handle.net/2134/36680
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