Abstract

OJEDA JOYA, Jair Neftalí  and  GUZMAN, Óscar. Fiscal multipliers and monetary policy in Colombia. A counterfactual analysis. Cuad. Econ. [online]. 2022, vol.41, n.87, pp.609-650.  Epub Jan 24, 2023. ISSN 0121-4772.  https://doi.org/10.15446/cuad.econ.v41n87.86019.

In this paper, we compute fiscal multipliers both for expenditure and revenues using monthly data for Colombia, during the period 2001-2019. We also study the effect of the monetary policy reaction on the size of these multipliers. We calculate impulse-response functions which are derived from the estimation of autoregressive vectors using sign restrictions for the policy shock identification. For the counterfactual exercises, we reduce the initial monetary policy reaction with an interest-rate shock of the same size and the opposite sign.

Keywords : Fiscal policy; fiscal multiplier; fiscal rule; monetary policy; VAR.

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