Post-2008 Brazilian fiscal policy: an interpretation through the analysis of fiscal multipliers

The global crisis that erupted in 2007 led many countries to embark on countercyclical fiscal policies as a way to cushion the blow of a depressed aggregate demand. Advocates of discretionary measures emphasize that fiscal policy can indeed stimulate the economy. The main goal of this work is to as...

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Autores principales:	Celso José Costa Junior, Alejandro Caetano Garcia-Cintado, Armando Vaz Sampaio
Formato:	article
Lenguaje:	EN PT
Publicado:	Universidade de São Paulo 2017
Materias:	DSGE Models Fiscal Multipliers New Keynesian Model Economics as a science HB71-74
Acceso en línea:	https://doaj.org/article/c8b7516466464d89a7b501f9877d31e8
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spelling	oai:doaj.org-article:c8b7516466464d89a7b501f9877d31e82021-11-24T16:02:59ZPost-2008 Brazilian fiscal policy: an interpretation through the analysis of fiscal multipliers0101-41611980-5357https://doaj.org/article/c8b7516466464d89a7b501f9877d31e82017-03-01T00:00:00Zhttps://www.revistas.usp.br/ee/article/view/88053https://doaj.org/toc/0101-4161https://doaj.org/toc/1980-5357 The global crisis that erupted in 2007 led many countries to embark on countercyclical fiscal policies as a way to cushion the blow of a depressed aggregate demand. Advocates of discretionary measures emphasize that fiscal policy can indeed stimulate the economy. The main goal of this work is to assess whether the fiscal policies pursued by the Brazilian government in the aftermath of the 2008 crisis, succeeded in bringing the economy back on track in a sustainable fashion. To this end, the fiscal multipliers of five different shocks are studied in a small open-economy New Keynesian framework. Our results point to the government spending and public investment as the most effective fiscal tools for combating the crisis. However, the highest fiscal multiplier turned out to be the one associated with excise tax reductions. Celso José Costa JuniorAlejandro Caetano Garcia-CintadoArmando Vaz SampaioUniversidade de São PauloarticleDSGE ModelsFiscal MultipliersNew Keynesian ModelEconomics as a scienceHB71-74ENPTEstudos Econômicos, Vol 47, Iss 1 (2017)
institution	DOAJ
collection	DOAJ
language	EN PT
topic	DSGE Models Fiscal Multipliers New Keynesian Model Economics as a science HB71-74
spellingShingle	DSGE Models Fiscal Multipliers New Keynesian Model Economics as a science HB71-74 Celso José Costa Junior Alejandro Caetano Garcia-Cintado Armando Vaz Sampaio Post-2008 Brazilian fiscal policy: an interpretation through the analysis of fiscal multipliers
description	The global crisis that erupted in 2007 led many countries to embark on countercyclical fiscal policies as a way to cushion the blow of a depressed aggregate demand. Advocates of discretionary measures emphasize that fiscal policy can indeed stimulate the economy. The main goal of this work is to assess whether the fiscal policies pursued by the Brazilian government in the aftermath of the 2008 crisis, succeeded in bringing the economy back on track in a sustainable fashion. To this end, the fiscal multipliers of five different shocks are studied in a small open-economy New Keynesian framework. Our results point to the government spending and public investment as the most effective fiscal tools for combating the crisis. However, the highest fiscal multiplier turned out to be the one associated with excise tax reductions.
format	article
author	Celso José Costa Junior Alejandro Caetano Garcia-Cintado Armando Vaz Sampaio
author_facet	Celso José Costa Junior Alejandro Caetano Garcia-Cintado Armando Vaz Sampaio
author_sort	Celso José Costa Junior
title	Post-2008 Brazilian fiscal policy: an interpretation through the analysis of fiscal multipliers
title_short	Post-2008 Brazilian fiscal policy: an interpretation through the analysis of fiscal multipliers
title_full	Post-2008 Brazilian fiscal policy: an interpretation through the analysis of fiscal multipliers
title_fullStr	Post-2008 Brazilian fiscal policy: an interpretation through the analysis of fiscal multipliers
title_full_unstemmed	Post-2008 Brazilian fiscal policy: an interpretation through the analysis of fiscal multipliers
title_sort	post-2008 brazilian fiscal policy: an interpretation through the analysis of fiscal multipliers
publisher	Universidade de São Paulo
publishDate	2017
url	https://doaj.org/article/c8b7516466464d89a7b501f9877d31e8
work_keys_str_mv	AT celsojosecostajunior post2008brazilianfiscalpolicyaninterpretationthroughtheanalysisoffiscalmultipliers AT alejandrocaetanogarciacintado post2008brazilianfiscalpolicyaninterpretationthroughtheanalysisoffiscalmultipliers AT armandovazsampaio post2008brazilianfiscalpolicyaninterpretationthroughtheanalysisoffiscalmultipliers
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Post-2008 Brazilian fiscal policy: an interpretation through the analysis of fiscal multipliers

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