The macroeconomic effects of fiscal policy in Spain
Francisco de Castro Fernández ()
No 311, Working Papers from Banco de España, Working Papers Homepage
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.
Keywords: VAR; Identification; Fiscal Shocks (search for similar items in EconPapers)
JEL-codes: E62 E32 (search for similar items in EconPapers)
Pages: 48 pages
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Journal Article: The macroeconomic effects of fiscal policy in Spain (2006)
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Persistent link: https://EconPapers.repec.org/RePEc:bde:wpaper:0311
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