A paper by three economists in the Bank of Italy's economic outlook and monetary policy department finds the public consumption multiplier is normally less than 1 in an economy where monetary policy is at a binding zero lower bound, and financing conditions are affected by the initial debt-to-GDP ratio.

In Sovereign risk, monetary policy and fiscal multipliers: a structural model-based assessment, Alberto Locarno, Alessandro Notarpietro and Massimiliano Pisani find the public consumption