Utilize este identificador para referenciar este registo: http://hdl.handle.net/10400.5/7416
Título: Monetary developments and expansionary fiscal consolidations : evidence from the EMU
Autor: Afonso, António
Martins, Luís
Palavras-chave: fiscal consolidation
monetary expansion non-Keynesian effects
panel data
Data: 2014
Editora: ISEG – Departamento de Economia
Citação: Afonso, António e Luís Martins (2014). "Monetary developments and expansionary fiscal consolidations : evidence from the EMU". Instituto Superior de Economia e Gestão - DE Working papers nº 12/2014/DE/UECE
Relatório da Série N.º: DE Working papers;nº 12/2014/DE/UECE
Resumo: This paper provides new insights about the existence of expansionary 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 in the cases of general government final consumption expenditure, social transfers and taxes. Keynesian effects prevail when fiscal consolidations are not matched by monetary easing. Panel probit estimations suggest that longer and expenditure-based consolidations contribute positively for its success, whilst the opposite is the case for tax-based ones.
URI: http://hdl.handle.net/10400.5/7416
ISSN: 2183-1815
Versão do Editor: https://aquila5.iseg.ulisboa.pt/aquila/getFile.do?method=getFile&fileId=487913&_request_checksum_=b22b7eef70b45ab940d3e5a0c4522b7a042af090
Aparece nas colecções:UECE - Documentos de Trabalho / UECE - Working Papers
DE - Documentos de trabalho / Working Papers

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