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Fiscal Multipliers ⢠Covering the pre-crisis period, concludes that fiscal multipliers have been low in advanced economies, around 0.5 or less (Alesina and Ardagna, 2010; IMF, 2010b; Barro and Redlick, 2011, for example). ⢠Other studies, also based on data covering normal times, find evidence of larger multipliers, well above 1 (Romer and Romer, 2010, for example). However, in view of their reliance on data covering the pre-crisis period, these studies are unlikely to fully reflect the peculiarities of the current economic environment. 11
