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Expansionary policies after a recession: a panel data analysis of the last decade compared to a Historical overview of the 1920s

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Resumo:In the current economic’s context recovery after the pandemic recession, the discussion on specific expansionary policies, namely under conditions of population decline, reemerged in economics. Considering the evidence of a prolonged secular stagnation, this debate may be highlighted by an understanding of historical events and the impact of previous strategies, specifically those adopted after the 1929 crisis. This dissertation presents a brief historical overview of the 1920s, considering the expansionary policies applied at that time, and compares these choices to those prevailing through the last decade. For that, it examines the application of the monetary and fiscal policies in 16 countries for the period between 2009 and 2019 and measures the interactions among these variables, estimating a Fixed Effects (FE) model. The results confirm and measure the impact of public action through fiscal stimuli in order to improve economic activity, including through investment and other spending, or of tax reductions affecting the individuals’ disposable income. Through the panel data estimation, we measure the impact of these policies, including on employment and wages.
Autores principais:Fernandes, Ana Margarida Ribeiro
Assunto:Keynes Keynesian theory Central Bank Secular Stagnation Crisis Monetary Policy Fiscal Policy Expansionary Policies
Ano:2021
País:Portugal
Tipo de documento:dissertação de mestrado
Tipo de acesso:acesso aberto
Instituição associada:Universidade de Lisboa
Idioma:inglês
Origem:Repositório da Universidade de Lisboa

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