This article assesses the short-term macroeconomic effects of fiscal policy on economic activity in Morocco. Over the period from 1990 (Q1) to 2015 (Q4), a structural autoregressive vector (VAR) of five variables is estimated and identified using the recursive approach and Blanchard and Perotti’s approach (2002). The estimates reveal the following main results: (i) an expenditure shock has a positive statistically significant effect between the sixth and twelfth quarter; (ii) the interest rate and inflation react positively to the expenditure shock, but this effect is not statistically significant. ii) A tax revenue shock affects negatively output, inflation, while the interest rate reacts positively. In addition, iii) the fiscal multipliers calculated from the reaction functions indicate that the expenditure multiplier, has a positive sign, but it doesn’t exceed one. In contrast, (iv) the revenue multiplier has a negative sign and exceeds one, indicating that a tax revenues have a greater impact in comparison with expenditures. However, the tax multiplier varies according to the estimated methodology, unlike the expenditure multiplier whose result is robust according to the two identification approaches.