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Greek fiscal multipliers revisited Government spending cuts vs. tax hikes and the role of public investment expenditure

The present empirical study employs a Multivariate Threshold Autoregressive Model (TVAR) to estimate regime-dependent fiscal multipliers for a range of key government revenue and expenditure categories in Greece and constitutes an important extension of an earlier paper we published last October (Monokroussos & Thomakos (2012) - Greece Macro Monitor “Fiscal Multipliers in deep economic recessions and the case for a 2-year extension in Greece’s austerity programme”).