What Do We Know About the Macroeconomic Effects of Fiscal Policy? A Brief Survey of the Literature on Fiscal Multipliers

This article reviews recent research findings on the effects of fiscal multipliers in normal
times, during booms/busts, and in the presence of the zero lower bound. Studies on the
effects of fiscal policy in open economy settings as well as contributions on the fiscalmonetary
policy mix are also considered. We conclude by outlining a few research
avenues that are particularly relevant from a policy standpoint.