Utilize este identificador para referenciar este registo:
https://hdl.handle.net/1822/12847
Título: | What are the effects of fiscal policy on asset markets? |
Autor(es): | Afonso, António Sousa, Ricardo M. |
Palavras-chave: | Fiscal policy Housing prices Stock prices |
Data: | 2011 |
Editora: | Elsevier Science BV |
Revista: | Economic Modelling |
Resumo(s): | We investigate the link between fiscal policy shocks and asset markets. Our results show that spending shocks have: a positive and persistent effect on GDP in the U.S. and in the U.K., while for Germany and Italy, such impact is temporary; a positive and persistent effect on housing prices; a negative effect on stock prices; and mixed effects on the price level. A VAR counter-factual exercise suggests that fiscal shocks play a minor role in the asset markets of the U.S. and Germany, and substantially increase the variability of housing and stock prices in the U.K., while government revenue shocks have increased volatility in Italy. |
Tipo: | Artigo |
URI: | https://hdl.handle.net/1822/12847 |
DOI: | 10.1016/j.econmod.2011.03.018 |
ISSN: | 0264-9993 |
Arbitragem científica: | yes |
Acesso: | Acesso restrito UMinho |
Aparece nas coleções: | NIPE - Artigos em Revistas de Circulação Internacional com Arbitragem Científica |
Ficheiros deste registo:
Ficheiro | Descrição | Tamanho | Formato | |
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Ricardo2011oAA_RS_fiscal_assets_14 03 2011.pdf Acesso restrito! | Documento principal | 751,93 kB | Adobe PDF | Ver/Abrir |