Study of Brazilian fiscal policyan empirical analysis with the GVAR (1980-2019)

Resumo

The expansionary fiscal policy in Brazil in the period 1980Q1-2019Q4 is analyzed with the GVAR. The results show that this policy can stimulate output, however, it deteriorates the macroeconomic environment with increases in prices and interest rates, and exchange rate appreciation. The fluctuations of these variables seem to explain the declines in private consumption and the current account balance. As a result of these fluctuations, the spending multiplier has an average value of 0.1. This work contributes to the literature by incorporating interactions between fiscal and monetary policy, transmission channels, and the external environment and their respective variables.

Ficha do documento

Tipo

Artigo científico

Ano

2023

Instituição

EGV EPGE

Fonte

Revista Brasileira de Economia

Idioma

Português

Acesso

Não informado

Identificador

oai:ojs.periodicos.fgv.br:article/84567

Abrangência

Brazil, 1980-2019; Brasil, 1980-2019

Temas

Finanças Públicas

Palavras-chave

Fiscal policy; government consumption; Product; Spending multiplier; Interest rate.Fiscal policy; fluctuationPolítica fiscal; Consumo do governo; Produto; Multiplicador do gasto; Taxa de juros.Política fiscal; Flutuação