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[IWS] CBO: THE FISCAL MULTIPLIER AND ECONOMIC POLICY ANALYSIS IN THE UNITED STATES [3 February 2015]
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Congressional Budget Office (CBO)
Working Paper 2015-02
THE FISCAL MULTIPLIER AND ECONOMIC POLICY ANALYSIS IN THE UNITED STATES [3 February 2015]
by Charles J. Whalen and Felix Reichling
[full-text, 20 pages]
The recession from 2007 to 2009 sparked wide interest in the economic effects of fiscal policy.
That interest is reflected in an ongoing debate over the size of the fiscal multiplier. This working
paper addresses three questions: What models do economists use to estimate that multiplier? Why
do estimates of it vary widely? How can economists use those estimates to judiciously analyze
U.S. economic policy?
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