Fiscal multipliers in the Eurozone : a SVAR analysis
Autor(a) principal: | |
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Data de Publicação: | 2018 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.5/16028 |
Resumo: | We compute the value of fiscal multipliers (for government primary expenditure, Income and wealth taxes and for Production and import ones) in the Eurozone countries since the creation of the currency union (2001Q1-2016Q4), and to understand how the values may vary according to the public debt level, the rhythm of economic growth and the output gap. Imposing quarterly fiscal shocks in the period 2000-2016, the results shown that the government expenditure had a positive effect on output, with an annual accumulated multiplier of 0.64 while the tax multipliers presented negative signs - the Income and wealth and the Production and import taxes stood at -0.10 and -0.32, respectively. Furthermore, the multipliers shown higher values for countries with higher levels of public debt (to small levels, the expenditure multiplier is close to zero and the tax multipliers seem to have positive signs), during recessions, and in countries with positive output gaps. |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Fiscal multipliers in the Eurozone : a SVAR analysisFiscal multiplierStructural VARFiscal policyWe compute the value of fiscal multipliers (for government primary expenditure, Income and wealth taxes and for Production and import ones) in the Eurozone countries since the creation of the currency union (2001Q1-2016Q4), and to understand how the values may vary according to the public debt level, the rhythm of economic growth and the output gap. Imposing quarterly fiscal shocks in the period 2000-2016, the results shown that the government expenditure had a positive effect on output, with an annual accumulated multiplier of 0.64 while the tax multipliers presented negative signs - the Income and wealth and the Production and import taxes stood at -0.10 and -0.32, respectively. Furthermore, the multipliers shown higher values for countries with higher levels of public debt (to small levels, the expenditure multiplier is close to zero and the tax multipliers seem to have positive signs), during recessions, and in countries with positive output gaps.ISEG - REM - Research in Economics and MathematicsRepositório da Universidade de LisboaAfonso, AntónioLeal, Frederico Silva2018-10-01T13:03:15Z2018-082018-08-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.5/16028engAfonso, António e Frederico Silva Leal (2018). "Fiscal multipliers in the Eurozone : a SVAR analysis". Instituto Superior de Economia e Gestão – REM Working paper nº 047 - 20182184-108Xinfo: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:RCAAP2023-03-06T14:45:54Zoai:www.repository.utl.pt:10400.5/16028Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T17:01:32.168733Repositório 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 |
Fiscal multipliers in the Eurozone : a SVAR analysis |
title |
Fiscal multipliers in the Eurozone : a SVAR analysis |
spellingShingle |
Fiscal multipliers in the Eurozone : a SVAR analysis Afonso, António Fiscal multiplier Structural VAR Fiscal policy |
title_short |
Fiscal multipliers in the Eurozone : a SVAR analysis |
title_full |
Fiscal multipliers in the Eurozone : a SVAR analysis |
title_fullStr |
Fiscal multipliers in the Eurozone : a SVAR analysis |
title_full_unstemmed |
Fiscal multipliers in the Eurozone : a SVAR analysis |
title_sort |
Fiscal multipliers in the Eurozone : a SVAR analysis |
author |
Afonso, António |
author_facet |
Afonso, António Leal, Frederico Silva |
author_role |
author |
author2 |
Leal, Frederico Silva |
author2_role |
author |
dc.contributor.none.fl_str_mv |
Repositório da Universidade de Lisboa |
dc.contributor.author.fl_str_mv |
Afonso, António Leal, Frederico Silva |
dc.subject.por.fl_str_mv |
Fiscal multiplier Structural VAR Fiscal policy |
topic |
Fiscal multiplier Structural VAR Fiscal policy |
description |
We compute the value of fiscal multipliers (for government primary expenditure, Income and wealth taxes and for Production and import ones) in the Eurozone countries since the creation of the currency union (2001Q1-2016Q4), and to understand how the values may vary according to the public debt level, the rhythm of economic growth and the output gap. Imposing quarterly fiscal shocks in the period 2000-2016, the results shown that the government expenditure had a positive effect on output, with an annual accumulated multiplier of 0.64 while the tax multipliers presented negative signs - the Income and wealth and the Production and import taxes stood at -0.10 and -0.32, respectively. Furthermore, the multipliers shown higher values for countries with higher levels of public debt (to small levels, the expenditure multiplier is close to zero and the tax multipliers seem to have positive signs), during recessions, and in countries with positive output gaps. |
publishDate |
2018 |
dc.date.none.fl_str_mv |
2018-10-01T13:03:15Z 2018-08 2018-08-01T00:00:00Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10400.5/16028 |
url |
http://hdl.handle.net/10400.5/16028 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
Afonso, António e Frederico Silva Leal (2018). "Fiscal multipliers in the Eurozone : a SVAR analysis". Instituto Superior de Economia e Gestão – REM Working paper nº 047 - 2018 2184-108X |
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.publisher.none.fl_str_mv |
ISEG - REM - Research in Economics and Mathematics |
publisher.none.fl_str_mv |
ISEG - REM - Research in Economics and Mathematics |
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 |
instacron_str |
RCAAP |
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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1799131104072957952 |