Utilize este identificador para referenciar este registo: http://hdl.handle.net/10400.5/6905
Título: Monetary developments and expansionary fiscal consolidations : evidence from the EMU
Autor: Martins, Luís Pedro Marques
Orientador: Afonso, António
Data de Defesa: 2014
Editora: Instituto Superior de Economia e Gestão
Citação: Martins, Luís Pedro Marques (2014). "Monetary developments and expansionary fiscal consolidations : evidence from the EMU". Dissertação de Mestrado, Universidade de Lisboa. Instituto Superior de Economia e Gestão.
Resumo: This paper provides new insights about the existence of expansionary effects during fiscal consolidations in the Economic and Monetary Union, using annual panel data for 14 European Union countries over the period 1970-2012. Different measures for assessing fiscal consolidations based on the changes in the cyclically adjusted primary balance were calculated. A similar ad-hoc approach was used to compute monetary expansions in order to include them in the assessment of non-Keynesian effects for different budgetary components. Panel fixed effects estimations for private consumption show that, in some cases, when fiscal consolidations are coupled with monetary expansions, the traditional Keynesian signals are reversed for general government final consumption expenditure, social transfers and taxes. Keynesian effects prevail when fiscal consolidations are not matched by a monetary easing. Panel probit estimations suggest that longer and expenditure based consolidations contribute positively for its success, while the opposite holds for the tax based ones.
Descrição: Mestrado em Economia Monetária e Financeira
URI: http://hdl.handle.net/10400.5/6905
Aparece nas colecções:DE - Dissertações de Mestrado / Master Thesis
BISEG - Dissertações de Mestrado / Master Thesis

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