Quotation Čapek, Jan, Crespo Cuaresma, Jesus, Holler, Johannes, Schuster, Philip. 2022. Fiscal Multipliers in a Small Open Economy: The Case of Austria. Oxford Economics Papers. 74 (2), 412-430.




We estimate fiscal multipliers for Austria in a framework of model uncertainty emanating from the choice of a particular econometric model. We present a comprehensive framework that allows to assess the effects of different multiplier definitions and choices related to the data, the model employed, and further technical choices associated with the specification of the model exert on fiscal multiplier estimates. The mean present-value government spending multiplier over all models entertained, based on around 3,000 estimates, is 0.68. Estimates of the peak spending multiplier for Austria tend to be larger than present-value spending multipliers, with a mean value of 0.85. The magnitude of the present-value tax multiplier is relatively high, with an average value across specifications of −1.12 and the mean peak tax multiplier is −0.54 for all specifications used.


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Publication's profile

Status of publication Published
Affiliation WU
Type of publication Journal article
Journal Oxford Economics Papers
Citation Index SSCI
WU-Journal-Rating new WH-B
Language English
Title Fiscal Multipliers in a Small Open Economy: The Case of Austria
Volume 74
Number 2
Year 2022
Page from 412
Page to 430
Reviewed? Y
URL https://academic.oup.com/oep/advance-article/doi/10.1093/oep/gpab027/6307159
DOI http://dx.doi.org/10.1093/oep/gpab027
Open Access N


Crespo Cuaresma, Jesus (Details)
Čapek, Jan (Masaryk University, Czech Republic)
Holler, Johannes (Fiskalrat, Austria)
Schuster, Philip (Fiskalrat, Austria)
Department of Economics (Crespo Cuaresma) (Details)
Competence Center for Sustainability Transformation and Responsibility WE (Details)
Research Institute for Cryptoeconomics FI (Details)
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