Risk aversion and fiscal consolidation programs

Detalhes bibliográficos
Autor(a) principal: Grancini, Stefano
Data de Publicação: 2021
Tipo de documento: Dissertação
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10362/140165
Resumo: In this paper we provide evidence that there are statistical and economically meaningful differences in terms of attitudes towards risk at the aggregate level across countries, as captured by country-specific estimations of the coefficient of relative risk aversion. This has important implications for fiscal policy as it leads to large differences in the output response to the same fiscal policy shock. When calibrating the risk aversion at the country level, using country-specific estimates of the coefficient of relative risk aversion, we find multipliers to the same fiscal consolidation shock to differ as much as between 0.35 and 0.55.
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spelling Risk aversion and fiscal consolidation programsCrraFiscal miltipliersRisk aversionFiscal consolidation programsDomínio/Área Científica::Ciências Sociais::Economia e GestãoIn this paper we provide evidence that there are statistical and economically meaningful differences in terms of attitudes towards risk at the aggregate level across countries, as captured by country-specific estimations of the coefficient of relative risk aversion. This has important implications for fiscal policy as it leads to large differences in the output response to the same fiscal policy shock. When calibrating the risk aversion at the country level, using country-specific estimates of the coefficient of relative risk aversion, we find multipliers to the same fiscal consolidation shock to differ as much as between 0.35 and 0.55.Brinca, PedroRUNGrancini, Stefano2024-01-04T01:30:24Z2021-05-222021-01-042021-05-22T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10362/140165TID:202770680enginfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-03-11T05:17:18Zoai:run.unl.pt:10362/140165Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T03:49:35.955239Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv Risk aversion and fiscal consolidation programs
title Risk aversion and fiscal consolidation programs
spellingShingle Risk aversion and fiscal consolidation programs
Grancini, Stefano
Crra
Fiscal miltipliers
Risk aversion
Fiscal consolidation programs
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
title_short Risk aversion and fiscal consolidation programs
title_full Risk aversion and fiscal consolidation programs
title_fullStr Risk aversion and fiscal consolidation programs
title_full_unstemmed Risk aversion and fiscal consolidation programs
title_sort Risk aversion and fiscal consolidation programs
author Grancini, Stefano
author_facet Grancini, Stefano
author_role author
dc.contributor.none.fl_str_mv Brinca, Pedro
RUN
dc.contributor.author.fl_str_mv Grancini, Stefano
dc.subject.por.fl_str_mv Crra
Fiscal miltipliers
Risk aversion
Fiscal consolidation programs
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
topic Crra
Fiscal miltipliers
Risk aversion
Fiscal consolidation programs
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
description In this paper we provide evidence that there are statistical and economically meaningful differences in terms of attitudes towards risk at the aggregate level across countries, as captured by country-specific estimations of the coefficient of relative risk aversion. This has important implications for fiscal policy as it leads to large differences in the output response to the same fiscal policy shock. When calibrating the risk aversion at the country level, using country-specific estimates of the coefficient of relative risk aversion, we find multipliers to the same fiscal consolidation shock to differ as much as between 0.35 and 0.55.
publishDate 2021
dc.date.none.fl_str_mv 2021-05-22
2021-01-04
2021-05-22T00:00:00Z
2024-01-04T01:30:24Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/masterThesis
format masterThesis
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10362/140165
TID:202770680
url http://hdl.handle.net/10362/140165
identifier_str_mv TID:202770680
dc.language.iso.fl_str_mv eng
language eng
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
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institution RCAAP
reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
repository.mail.fl_str_mv
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