Brazil: an empirical study on fiscal policy transmission
1 Abr 2011
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Publicação
Brazil: an empirical study on fiscal policy transmission
- Publication type: Revista CEPAL
- Autor: Moreira, Tito Belchior S.
- Descrição física: páginas. 187-205
- Símbolo da ONU (Assinatura): LC/G.2487-P
- Data: 1 de Abril de 2011
Abstract
This article sets out to empirically determine whether the ratiobetween debt and gross domestic product (GDP); affected real and nominalvariables such as the demand for money, the nominal interest rate,investment and the output gap, between January 1995 and March 2008.The specific aim is to identify fiscal-policy transmission channels and decidewhether this policy was active or passive in the period in question. Thestudy finds empirical evidence that fiscal policy was active and monetarypolicy passive -features that characterize a non-Ricardian model.