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Pereira, A. M. & Roca?Sagalés, O. (2011). Long-term effects of fiscal policies in Portugal. Journal of Economic Studies. 38 (1), 114-127
A. M. Pereira and O. Roca?Sagalés, "Long-term effects of fiscal policies in Portugal", in Journal of Economic Studies, vol. 38, no. 1, pp. 114-127, 2011
@article{pereira2011_1714778124563, author = "Pereira, A. M. and Roca?Sagalés, O.", title = "Long-term effects of fiscal policies in Portugal", journal = "Journal of Economic Studies", year = "2011", volume = "38", number = "1", doi = "10.1108/01443581111096178", pages = "114-127", url = "http://www.emeraldinsight.com/doi/abs/10.1108/01443581111096178" }
TY - JOUR TI - Long-term effects of fiscal policies in Portugal T2 - Journal of Economic Studies VL - 38 IS - 1 AU - Pereira, A. M. AU - Roca?Sagalés, O. PY - 2011 SP - 114-127 SN - 0144-3585 DO - 10.1108/01443581111096178 UR - http://www.emeraldinsight.com/doi/abs/10.1108/01443581111096178 AB - Purpose: This paper seeks to estimate the long-term effects on output of different fiscal policies in Portugal. Design/methodology/approach: Results are obtained from accumulated impulse response functions associated with unrestricted VAR models that include several public spending and taxation variables in addition to output. Findings: Empirical results suggest that the effects of fiscal policies are within the Keynesian paradigm for public investment and direct taxation. In turn, non-Keynesian effects dominate in the case of intermediate public consumption and indirect taxation where the effects are negligible. Practical implications: Cuts in public consumption and increases in indirect taxations seem to be the most desirable instruments for fiscal consolidation in Portugal. Also, deficit-neutral policies that offset increases in public investment with increases in indirect taxes have long-term positive effects on output. The same is true for cuts in direct taxation offset with cuts in all forms of public spending except for public investment. Originality/value: This is one of the few papers in this literature to use disaggregated public spending and taxation data. It is also a seminal application to the Portuguese case. ER -