Composi????o ??tima dos gastos p??blicos e intera????o entre as pol??ticas fiscal e monet??ria na economia brasileira

• Autor(a) principal: Maciel, Daniel Thomaz G. N.
• Data de Publicação: 2019
• Tipo de documento: Tese
• Idioma: por
• Título da fonte: Biblioteca Digital de Teses e Dissertações da UCB
• Texto Completo: https://bdtd.ucb.br:8443/jspui/handle/tede/2738
• topic: Taxa ??tima; Pol??tica fiscal; Gasto p??blico; Pol??tica monet??ria; Optimal taxation; Monetary policy; Public spending; Fiscal policy; CNPQ::CIENCIAS SOCIAIS APLICADAS::ECONOMIA

The purpose of this thesis is to present two works related to public spending. The objective of the first chapter is to investigate the relationship between the size of the government, composition of public spending, and economic growth. Where the theoretical model developed by Devarajan et al (1996) is expanded, including technological progress in a more general substitution elasticity production (CES) function. As a result, it has been found that private capital and government spending are substitute inputs in production, while productive and unproductive spending is combined in a fixed proportion to aggregate government spending. Public spending on investment is considerably lower than on costing, as in developing countries with low economic dynamism. Finally, the average tax burden of the data is below the estimated optimal level, which means that there is room to increase taxation without harming the economic growth of some Brazilian states. In the second chapter, the interaction between fiscal and monetary policies for the Brazilian economy is empirically analyzed. To make this analysis, GMM estimated the cooperative and non-cooperative closed economy model developed by Saulo et al (2013), after this estimation, impulse-response simulations were performed via DSGE. With the parameters of the GMM estimation, a Bayesian estimation was made that allowed to generate new impulse response functions and a historical decomposition of the variables. The results show that a Nash equilibrium interaction achieves better welfare and that a cooperative interaction causes in a tax dominated environment for Brazil, where fiscal policy is active and monetary policy is passive. An inertial component of the interest rate and a tradeoff between inflation and output gap were also found.