We study the effect of fiscal rules on a country's credit rating and their interaction with financial development. We build a rich set of panel data, which includes a novel index for the strength of fiscal rules. We find ...

The objective of this work is to estimate the primary structural fiscal budget for Brazil, adapting the methodology proposed by the Economic Policy Secretariat (SPE), in order to validate if the indicator is robust enough ...

The choice of a control variable for monetary policy characterizes the welfare (loss) function that a central bank will want to maximize (minimize). Even, it gives rise to the proposal of following a rule versus applying ...

We use a new narrative measure of fiscal shocks to study how private consumption reacts to government spending increases. Our fiscal shocks arise from three announcements of expansionary fiscal rule deviations in a small ...

Este trabalho pretende examinar a dinâmica fiscal brasileira e verificar se pode ser considerada sustentável para o período entre 2002 e 2019. Para isso, utilizamos análises de cointegração e estacionariedade clássicas da ...