Effects of output increase in oil sector on the potential growth of Brazilian economy: a model directed to forecast (2013-2020)
DOI:
https://doi.org/10.1590/0101-416145367albKeywords:
Modelo de projeção, Economia brasileira, Potencial de crescimento, Setor petróleoAbstract
The article provides a model aimed at the projection of the potential growth of the Brazilian economy for the period 2013-2020, with particular emphasis regarding the expected increase in oil production sector. Inspired by the growth models of two and three gaps, the model in question innovates to jointly propose: a) make endogenous the response of economic policy, under the assumption that the current macroeconomic “tripod” (administered flexible exchange, inflation and primary fiscal surplus targets) will be maintained throughout the course of the simulation; b) treat separately the effects of the oil sector on the balance of payments; c) check the compatibility between the public investment rate permitted by primary fiscal surplus target and that required to maintain the stock of capital growth in line with real GDP increase.
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