Utilize este identificador para referenciar este registo: http://hdl.handle.net/10400.5/9246
Título: Fiscal episodes, technological progress and market power
Autor: Afonso, António
Jalles, João Tovar
Palavras-chave: imperfect competition
TFP
fiscal consolidation
local projection
business cycle
impulse response functions
GMM
Data: 2015
Editora: ISEG – Departamento de Economia
Citação: Afonso, António, João Tovar Jalles (2015). "Fiscal episodes, technological progress and market power". Instituto Superior de Economia e Gestão - DE Working papers nº 9/2015/DE/UECE
Relatório da Série N.º: DE Working papers;nº 9/2015/DE/UECE
Resumo: We assess the impact of fiscal adjustments (and technology) on the evolution of markups in a panel of 14 OECD countries. We allow for smooth changes in the technological parameters by generating measures of TFP compatible with markups and assess the interaction between the two variables. Our results with narrative action-based data show counter-cyclicality since negative fiscal shocks increase markups. Moreover, in times of economic contraction the degree of counter-cyclicality of negative (positive) government spending (tax) shocks is larger than during economic expansions. In addition, markups have a pro-cyclical behaviour after a productivity shock. However, when identifying fiscal consolidations using changes of the cyclically adjusted primary balance, o ne obtains expansionary effects and a pro-cyclical behaviour in terms of markups and aggregate demand shocks.
URI: http://hdl.handle.net/10400.5/9246
ISSN: 2183-1815
Versão do Editor: https://aquila4.iseg.ulisboa.pt/aquila/getFile.do?method=getFile&fileId=588263&_request_checksum_=95fa69ba208243b6bbc93659bfa68b4c6224e79d
Aparece nas colecções:UECE - Documentos de Trabalho / UECE - Working Papers
DE - Documentos de trabalho / Working Papers

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