Intervenções fiscais em uma economia monetáriaum estudo do caso brasileiro

Resumo

In this study, we consider an economy where the determination of fiscal and monetary policies are subject to the budget constraint of the government, seen as a consolidated agent that incorporates the executive and the central bank. We study how changes in the growth rate and composition of government liabilities (currency and governmental bonds) affect prices, interest rates, and economic activity. We are particularly interested in analyzing how these effects are affected by changes in the relative liquidity of government bonds. A central result of this work is that increases in the degree of liquidity of government bonds positively affect economic activity and the financing of public debt. We describe this last aspect with an example reflecting the case of the Brazilian economy.

Ficha do documento

Tipo

Dissertação

Ano

2015

Instituição

Fundação Getulio Vargas

Fonte

Repositório da FGV

Idioma

Português

Acesso

Não informado

Identificador

oai:repositorio.fgv.br:10438/14077

Temas

EconomiaFinanças Públicas

Palavras-chave

Fiscal deficitGovernment budgetInterest rateSovereign bond liquidityMoney amount growth rateDéficit fiscalOrçamento do governoTaxa de jurosLiquidez dos títulos públicosTaxa de crescimento da moedaEconomiaEconomia - BrasilLiquidez (Economia)Política tributária - BrasilTítulos públicos - Brasil