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Learning about fiscal multipliers during the European sovereign debt crisis

Lucyna Gornicka, Christophe Kamps, Gerrit Koester, Nadine Leiner-Killinger, (2020), “Learning about fiscal multipliers during the European sovereign debt crisis“, VoxEU, 23 Ιανουαρίου

Recent studies have highlighted that the fiscal multipliers used by institutional forecasters were gradually adjusted upwards as the European sovereign debt crisis developed. This column confirms this finding, using a new dataset compiled from European Commission forecasts under the Excessive Deficit Procedure of the Stability and Growth Pact. In contrast to previous claims that the fiscal multiplier rose well above one at the height of the crisis, however, the authors argue that the ‘true’ ex-post multiplier remained below one.

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