An RBC model of the Brazilian economy with stylized fiscal shocks
This paper builds a small size dynamic stochastic general equilibrium (DSGE) model with government, aiming to replicate key features of the Brazilian economy. I first calibrate and then I use Bayesian methods to estimate the model for Brazil, with 20 years of quarterly aggregate data. Contrary to th...
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| Tipo de recurso: | artículo |
| Estado: | Versión publicada |
| Fecha de publicación: | 2022 |
| País: | Brasil |
| Institución: | Fundação Getulio Vargas (FGV) |
| Repositorio: | Revista Brasileira de Economia (Online) |
| Idioma: | portugués |
| OAI Identifier: | oai:ojs.periodicos.fgv.br:article/80065 |
| Acceso en línea: | https://periodicos.fgv.br/rbe/article/view/80065 |
| Access Level: | acceso abierto |
| Palabra clave: | DSGE model Fiscal Policy Bayesian Estimation |
| Sumario: | This paper builds a small size dynamic stochastic general equilibrium (DSGE) model with government, aiming to replicate key features of the Brazilian economy. I first calibrate and then I use Bayesian methods to estimate the model for Brazil, with 20 years of quarterly aggregate data. Contrary to the conventional knowledge, I find mixed evidence on the pro-cyclicality of the fiscal policy in Brazil. Moreover, the results suggest that tax rate changes have been used to counter changes in the level of government indebtedness, however in a small degree if compared to other international evidence. |
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