“…Borys, Ciżkowicz and Rzońca (2013);Cauresma, Eller, andMehrotra, (2011), Filipovski, Fiti, andTrenovski (2016);Boiciuc (2016);Dumitrescu (2015); Ćorić, Šimović, and Deskar-Škrbić (2015); Franta (2012); Petrevski, Bogoev, and Tevdovski (2015)), diversity in methodology, sample size as well as observed period results in mixed evidence about the size of fi scal multipliers, the real output responsiveness to the fi scal adjustments and, as a result, counter-cyclical and/or pro-cyclical patterns in the fi scal policy. Estimated threshold VAR model in our paper for CE3 countries revealed fundamentally new information about the effects of fi scal policy shocks.…”