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Title International Fiscal Spillovers: A Review Essay
Author Michael B. Devereux (University of British Columbia)
Volume 34 Number 1
Pages 29-50 
Keywords Fiscal Multipliers, Fiscal Spillovers, Exchange Rate Regime
Abstract This paper provides a review of the empirical literature on fiscal multipliers and
international fiscal spillovers. We discuss the various empirical methodologies employed in
measuring spillovers, and the degree to which estimated spillovers depend on the state of the
business cycle, the stance of monetary policy, the exchange rate regime, and other factors. In
an environment where monetary policy is constrained by the zero bound, both fiscal
multipliers and international fiscal spillovers are likely to be much larger than in normal
times. In general, this prediction is supported in the empirical literature.
File KER-20180101-34-1-02.pdf
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