The aggregate effects of government income transfers shocks: EU evidence

Susana Parraga Rodriguez

SERIEs: Journal of the Spanish Economic Association, 2023, vol. 14, issue 1, No 1, 28 pages

Abstract: Abstract This paper estimates the aggregate effects of government income transfers shocks for a sample of EU countries. I construct a new measure of transfers shocks based on a dataset by public finance experts of the European System of Central Banks (ESCB). The identification strategy consists of a narrative analysis of policy actions in old age pensions reported in the ESCB dataset. I find that increases in old age pensions have a positive impact on aggregate expenditure components and employment consistent with a multiplier effect between 0 and 1.

Keywords: Transfer payments; Public pensions; Fiscal multiplier; European Union (search for similar items in EconPapers)
JEL-codes: E2 E62 H55 I38 (search for similar items in EconPapers)
Date: 2023
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Working Paper: The aggregate effects of government income transfer shocks - EU evidence (2016)
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DOI: 10.1007/s13209-022-00271-x

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