The macroeconomic effects of fiscal policy in Spain

• Autores: Francisco de Castro Fernández
• Localización: Documentos de trabajo - Banco de España, ISSN 0213-2710, Nº 11, 2003, págs. 1-49
• Idioma: inglés
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• Resumen

  • This paper focuses on the effects of fiscal policy in Spain analysed in a VAR context. Fiscal shocks are found to have small, though significant, effects on GDP, private consumption, private investment, interest rates and prices. The pattern of responses and the multipliers obtained seem to accord with some recent pieces of empirical evidence in several cases, while observing some counterintuitive responses in others. Shocks to different readings of spending or taxes yield divergent profiles of responses. When the sample is restricted to the 1990s a different pattern of responses to fiscal shocks is observed, with GDP and interest rate responses being non-significant