The larger the multiplier, the greater the negative effect consolidation has on short-term growth. In general, the size of the multiplier depends on a number of factors. It depends on the specific fiscal and economic situation of the relevant country, including the size of the export sector, the exchange rate regime, trust in fiscal sustainability and the concrete design of the consolidation measures.
Recent research has highlighted the fact that the multiplier might also be state-dependent. This would imply the possibility that the multiplier is larger in a crisis. One reason for this  BIS central bankers’ speeches  3  could be that monetary policy is constrained by the zero lower bound. Another reason could be that the number of liquidity-constrained households is increasing.