O impulso de multiplicador fiscal: Implementação e evidência para o Brasil

Abstract

This paper incorporates disaggregated estimates of fiscal multipliers in the structural fiscal impulse’s calculation. The results indicate an improvement to fiscal policy monitoring and helps to explain why is possible to have low aggregate fiscal multipliers while public investment and income transfers have big multipliers. This is the case when there are significant variations in expenditures with low multipliers. In this sense, a low fiscal multiplier is evidence of a weak fiscal policy design instead of fiscal policy ineffectiveness.