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<p>This paper investigates the impact of fiscal rules on government spending multipliers across 27 European Union member states. To this aim, we include the Fiscal Rules Index (FRI) as one of the determinants of multiplier heterogeneity, in an interacted panel structural vector autoregressive model over the period 1999-2023. Our results show that government spending multipliers tend to be moderately higher in countries with stronger fiscal rules. The impact of the FRI suggests that fiscal rules might lead to increasing sovereign credibility or growth-friendly expenditure recomposition that slightly dominate over the effect of Ricardian equivalence reinforcement that fiscal rules might imply. The findings are robust to alternative identification schemes, data transformations, and the inclusion of global variables.</p>

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The role of fiscal rules for spending multipliers in European Union Countries

  • 期刊论文

  • 发表日期：

    2026年3月20日

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  • Anna Sznajderska,
  • Andrzej Torój,
  • Rafał Chmura

摘要

This paper investigates the impact of fiscal rules on government spending multipliers across 27 European Union member states. To this aim, we include the Fiscal Rules Index (FRI) as one of the determinants of multiplier heterogeneity, in an interacted panel structural vector autoregressive model over the period 1999-2023. Our results show that government spending multipliers tend to be moderately higher in countries with stronger fiscal rules. The impact of the FRI suggests that fiscal rules might lead to increasing sovereign credibility or growth-friendly expenditure recomposition that slightly dominate over the effect of Ricardian equivalence reinforcement that fiscal rules might imply. The findings are robust to alternative identification schemes, data transformations, and the inclusion of global variables.