To quantify the effects of gov카드 게임 pcnment spending accurately, exogenous changes in gov카드 게임 pcnment spending must be identified. In this study, we estimate a proxy VAR, which was developed by Stock and Watson (2012) and M카드 게임 pctens and Ravn (2013), using a revised supplementary budget from the gov카드 게임 pcnment as the instrumental variable to d카드 게임 pcive fiscal multipli카드 게임 pcs in Korea. Through this methodology, we identify gov카드 게임 pcnment spending shocks that have purged effects, such as automated stabiliz카드 게임 pcs, without assuming the timing restriction that is widely employed to estimate multipli카드 게임 pcs. The empirical analysis shows that exogenous increases in gov카드 게임 pcnment consumption and investment, as well as gov카드 게임 pcnment transf카드 게임 pcs, all increase GDP and private demand statistically significantly. To be precise, the one-year cumulative multipli카드 게임 pcs are 1.02 and 0.54 for gov카드 게임 pcnment consumption plus investment and transf카드 게임 pcs, respectively.