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Estudos Econômicos (São Paulo)

versão impressa ISSN 0101-4161versão On-line ISSN 1980-5357

Resumo

COSTA JUNIOR, Celso José; CINTADO, Alejandro C. García  e  SAMPAIO, Armando Vaz. Post-2008 Brazilian fiscal policy: an interpretation through the analysis of fiscal multipliers. Estud. Econ. [online]. 2017, vol.47, n.1, pp.93-124. ISSN 1980-5357.  https://doi.org/10.1590/0101-416147149caa.

The global crisis that erupted in 2007 led many countries to embark on countercyclical fiscal policies as a way to cushion the blow of a depressed aggregate demand. Advocates of discretionary measures emphasize that fiscal policy can indeed stimulate the economy. The main goal of this work is to assess whether the fiscal policies pursued by the Brazilian government in the aftermath of the 2008 crisis, succeeded in bringing the economy back on track in a sustainable fashion. To this end, the fiscal multipliers of five different shocks are studied in a small open-economy New Keynesian framework. Our results point to the government spending and public investment as the most effective fiscal tools for combating the crisis. However, the highest fiscal multiplier turned out to be the one associated with excise tax reductions.

Palavras-chave : DSGE Models; Fiscal Multipliers; New Keynesian Model.

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