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dc.contributor.authorCampos, Eduardo Lima
dc.contributor.authorCysne, Rubens Penha
dc.date.accessioned2018-02-05T13:35:42Z
dc.date.available2018-02-05T13:35:42Z
dc.date.issued2017-12-01
dc.identifier.issn0104-8910
dc.identifier.urihttp://hdl.handle.net/10438/20153
dc.description.abstractThis paper evaluates the sustainability of public debt in Brazil using monthly data from the period between January 2003 and June 2016, based on estimation of fiscal reaction functions with time-varying coefficients. Three methods are considered: Kalman filter, penalized spline smoothing, and time-varying cointegration. Although the Kalman filter shows the best statistical results, all methods indicate that the fiscal reaction declined over almost the entire period considered, and lead to the conclusion that the Brazilian public debt, observing the parameters then in force, reaches an unsustainable trajectory in the last years of the study.eng
dc.language.isoeng
dc.publisherEscola de Pós-Graduação em Economia da FGVpor
dc.relation.ispartofseriesEnsaios Econômicos;795
dc.subjectFiscal reactioneng
dc.subjectReaction Functionseng
dc.subjectPublic Debteng
dc.subjectSustainabilityeng
dc.subjectFiscal reaction functioneng
dc.subjectTime-varying coefficientseng
dc.subjectKalman filtereng
dc.subjectPenalized spline smoothingeng
dc.subjectReação fiscalpor
dc.subjectEconomiapor
dc.titleA time-varying fiscal reaction function for Brazileng
dc.typeTechnical Reporteng
dc.subject.areaEconomiapor
dc.contributor.unidadefgvEscolas::EPGEpor
dc.subject.bibliodataDívida pública - Brasilpor
dc.subject.bibliodataBrasil - Política econômicapor
dc.contributor.affiliationFGV


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