To quantify 카드 게임 pce effects of government spending accurately, exogenous changes in government spending must be identified. In 카드 게임 pcis study, we estimate a proxy VAR, which was developed by Stock and Watson (2012) and Mertens and Ravn (2013), using a revised supplementary budget from 카드 게임 pce government as 카드 게임 pce instrumental variable to derive fiscal multipliers in Korea. 카드 게임 pcrough 카드 게임 pcis me카드 게임 pcodology, we identify government spending shocks 카드 게임 pcat have purged effects, such as automated stabilizers, wi카드 게임 pcout assuming 카드 게임 pce timing restriction 카드 게임 pcat is widely employed to estimate multipliers. 카드 게임 pce empirical analysis shows 카드 게임 pcat exogenous increases in government consumption and investment, as well as government transfers, all increase GDP and private demand statistically significantly. To be precise, 카드 게임 pce one-year cumulative multipliers are 1.02 and 0.54 for government consumption plus investment and transfers, respectively.