Publication
The macroeconomic effects of fiscal policy
| dc.contributor.author | Afonso, António | |
| dc.contributor.author | Sousa, Ricardo M. | |
| dc.date.accessioned | 2022-09-28T11:02:22Z | |
| dc.date.available | 2022-09-28T11:02:22Z | |
| dc.date.issued | 2012 | |
| dc.description.abstract | 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. | pt_PT |
| dc.description.version | info:eu-repo/semantics/publishedVersion | pt_PT |
| dc.identifier.citation | Afonso, António and Ricardo M. Sousa. (2012). "The macroeconomic effects of fiscal policy" .Applied Economics, Vol. 44, No. 34: pp. 4439-4454. | pt_PT |
| dc.identifier.doi | 10.1080/00036846.2011.591732 | pt_PT |
| dc.identifier.issn | 1466–4283 (Online) | |
| dc.identifier.uri | http://hdl.handle.net/10400.5/25611 | |
| dc.language.iso | eng | pt_PT |
| dc.publisher | Taylor & Francis Group | pt_PT |
| dc.relation | UECE is supported by FCT (Fundac¸a˜o para a Cieˆncia e a Tecnologia, Portugal) | pt_PT |
| dc.subject | Fiscal Policy | pt_PT |
| dc.subject | Bayesian Structural VAR | pt_PT |
| dc.title | The macroeconomic effects of fiscal policy | pt_PT |
| dc.type | journal article | |
| dspace.entity.type | Publication | |
| rcaap.rights | openAccess | pt_PT |
| rcaap.type | article | pt_PT |
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