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PublicDisclosureAuthorizedPolicyResearchWorkingPaper10658PublicDisclosureAuthorizedAreRegionalFiscalMultipliersonEUStructuralandInvestmentFundSpendingLarge?PublicDisclosureAuthorizedAReassessmentoftheEvidenceFedericoFiurattiDesislavaNikolovaStevenPenningsMarcSchiffbauerPublicDisclosureAuthorizedDevelopmentResearchGroup&Macroeconomics,TradeandInvestmentGlobalPracticeJanuary2024PolicyResearchWorkingPaper10658Abstractbyestimatingregionalshort-termmultipliersusingrecentdataonEUfundspendingandaleave-one-outpredictedTheEuropeanCommission’s“NextGenerationEU”disbursementscheduleinstrument.IncontrastwithmuchCOVID-19recoverypackagehasunderscoredinterestinoftherecentliterature,thereislittleevidenceoflargerela-thesizeofregionalfiscalmultipliersinEurope.WhilethetiveGDPmultipliersateitherthenationalorsubnationalobjectiveofthesefundsisthelong-termtransformationlevelintheshortterm.ThisisdespiteastrongresponseoftowardmoresustainablegreengrowthanddigitalizationregionalinvestmenttoEUfunds,whichoftenincreasesinEUeconomies,severalrecentpapershavealsofocusedeuroforeuro.Theresultssuggestthatexpectationsshouldontheirshort-termstimulatoryeffectsandhaveestimatedbetemperedonusingEUstructuralandinvestmentfundslargeshort-termregionalmultipliersonhistoricalEUstruc-asatoolforshort-termregionalfiscalstimulus,andinsteadturalandinvestmentf...