Fiscal multipliers of government spending and investment in the presence of long term assets
DOI:
https://doi.org/10.11606/1980-5330/ea216318Keywords:
fiscal multiplier, fiscal policy, DSGE, debt managementAbstract
This article seeks to evaluate the effects of managing the average maturity date of public bonds on the effectiveness of fiscal policy. The analysis was carried out using a DSGE model that includes bonds and long-term interest rates. Three management profiles were evaluated. The results suggest that managing the maturity profile of securities influences fiscal multipliers, providing a greater response the longer the average maturity period. Furthermore, the simulations also suggest the superiority of fiscal policy based on public investment spending compared to expansion based on consumption spending.
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Coordenação de Aperfeiçoamento de Pessoal de Nível Superior
Grant numbers 001
