Tesis
“Three empirical analyses on financial literacy, natural disasters and fiscal multipliers”
Fecha
2022Autor
Fortunato Mankoch, Andrés
Institución
Resumen
In studying the economic cycle dependency of fiscal multipliers in Chile, we implement an
independent component analysis for structural shock identification within a non-linear vector
autoregressive setting with generalized impulse response functions. Thereby we relax more
restrictive assumptions adopted in previous studies, namely the a-priori assumption of a
recursive model structure and the use of linear impulse response functions. As a result, we
cannot fully confirm core insights from more restrictive structural models: we find no significant
differences in neither government spending nor government revenues multipliers when
comparing different states of the economy. Moreover, our estimates imply that fiscal multipliers
in Chile do not differ significantly from zero.