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Fiscal policy under financial stress: a threshold VAR approach
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Resumo(s)
The purpose of the project is to measure the impact of fiscal policy on the Portuguese GDP and how it may vary according to the state of the financial market. A Threshold VAR model is presented in which the two regimes are found using a financial stress index that divides the economy into a situation of financial stress and financial stability.
Descrição
Palavras-chave
Threshold VAR Financial Stress Index (FSI) Fiscal multipliers Regime switches