Wielkość mnożników fiskalnych a efektywność polityki fiskalnej w okresie kryzysów – ujęcie makroekonomiczne

Małgorzata Gajda-Kantorowska

doi:10.55225/pel.450

Authors

Małgorzata Gajda-Kantorowska University of Applied Sciences in Tarnow, Poland https://orcid.org/0000-0001-9287-0633

DOI:

https://doi.org/10.55225/pel.450

Keywords:

fiscal multipliers, fiscal shocks, countercyclical policy, non-linearity of fiscal policy, automatic stabilizers

Abstract

The purpose of the article: The purpose of this study is to present determinants of fiscal multiplies, taking into account the specificity of the global financial and economic crisis of 2007–2009 (the so-called Great Recession), as well as the crisis resulting from the announcement of the COVID pandemic in March 2020. Regional conditions of multipliers size were also included.

Results: Based on the critical review of the literature, the concept and essence of fiscal multipliers were presented, as well as the mechanism and stages of their operation, determinants of the size of fiscal multipliers, causes of non -linearity of discretionary fiscal policy in the expansion phase and during fiscal consolidation. Methods of determining fiscal multipliers in practice were also described and conclusions from empirical research were presented, taking into account the specificity of Great Recession, as well as the crisis resulting from the announcement of the COVID-19 pandemic in 2020.

Conclusions: The size of fiscal multipliers is influenced by many factors, including the structural features of the economy, the phase of the business cycle, as well as factors related to the level of economic development of the country. The fiscal policy is non -linear - in the case of a restrictive fiscal policy, the multiplier is greater compared to the effect of using a comparable stimulus as part of an expansionary fiscal policy.
The level of estimated fiscal multipliers as part of empirical research, due to the large stretch of results, both in the case of government expenditure and taxes, is a very uncertain premise to conduct stabilization policy by the government.

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