Fiscal Policies in Spain: Main Stylised Facts Revisited
49 Pages Posted: 13 May 2014
Date Written: May 13, 2014
We provide key stylised facts on fiscal policy developments in Spain over the past three decades using quarterly data (1986Q1-2012Q2). First, we compute stylised facts on the cyclical properties of fiscal policies over that period. Next, we report updated evidence on the macroeconomic effects of non-systematic fiscal policies, including updated estimates of their macroeconomic impact (fiscal multipliers) for alternative datasets. To perform the analysis in the paper we built up a comprehensive database of seasonally adjusted quarterly fiscal variables for the period of interest.
Keywords: fiscal policies, stylised facts, fiscal multipliers, mixed-frequencies, time-series models
JEL Classification: E62; E65; H6; C3; C82
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