Utilize este identificador para referenciar este registo:
https://hdl.handle.net/1822/20003
Título: | The macroeconomic effects of fiscal policy |
Autor(es): | Afonso, António Sousa, Ricardo M. |
Palavras-chave: | Fiscal policy Bayesian structural VAR Debt dynamics Bebt dynamics |
Data: | 2012 |
Editora: | Routledge |
Revista: | Applied Economics |
Resumo(s): | We investigate the macroeconomic effects of fiscal policy using a Bayesian Structural Vector Autoregression (B-SVAR) approach. We identify fiscal policy shocks via a partial identification scheme, but also: (i) include the feedback from government debt; (ii) look at the impact on the composition of output; (iii) assess the effects on asset markets; (iv) use quarterly data; and (v) analyse empirical evidence from the US, the UK, Germany and Italy. The results show that government spending shocks, in general, have a small effect on Gross Domestic Product (GDP); lead to important ‘crowding-out’ effects; have a varied impact on housing prices and generate a quick fall in stock prices. Government revenue shocks generate a mixed effect on housing prices and a small and positive effect on stock prices. The empirical evidence also suggests that it is important to explicitly consider the government debt dynamics in the model. |
Tipo: | Artigo |
URI: | https://hdl.handle.net/1822/20003 |
DOI: | 10.1080/00036846.2011.591732 |
ISSN: | 0003-6846 |
e-ISSN: | 1466-4283 |
Versão da editora: | http://www.tandfonline.com/ |
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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OK_the macroeconomic effects of fiscal policy.pdf Acesso restrito! | The macroeconomic effects of fiscal policy | 726,5 kB | Adobe PDF | Ver/Abrir |