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Multiplicadores fiscales en Chile

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  • Jorge Fornero
  • Juan Guerra-Salas
  • Camilo Pérez N.

Abstract

We estimate the government spending multiplier for aggregate government expenditure and three of its components: government consumption, transfer payments, and public investment. We find that aggregate expenditure has a multiplier close to unity, while government consumption and public investment have multipliers of about 2. The multiplier for transfer payments is less than 1. These results are based on structural vector autoregressive models (SVARs). We also find that from 2009 onwards, shocks to government expenditure are countercyclical.

Suggested Citation

  • Jorge Fornero & Juan Guerra-Salas & Camilo Pérez N., 2019. "Multiplicadores fiscales en Chile," Journal Economía Chilena (The Chilean Economy), Central Bank of Chile, vol. 22(1), pages 058-080, April.
    • Handle: RePEc:chb:bcchec:v:22:y:2019:i:1:p:058-080
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    Cited by:

    1. Tannous Kass-Hanna & Julien Reynaud & Chris Walker, 2023. "Estimating Fiscal Multipliers Under Alternative Exchange Rate Regimes: The Case of Bolivia," IMF Working Papers 2023/240, International Monetary Fund.
    2. Jorge Restrepo, 2020. "How Big are Fiscal Multipliers in Latin America?," IMF Working Papers 2020/017, International Monetary Fund.
    3. Mr. Yan Carriere-Swallow & Mr. Antonio David & Mr. Daniel Leigh, 2018. "The Macroeconomic Effects of Fiscal Consolidation in Emerging Economies: Evidence from Latin America," IMF Working Papers 2018/142, International Monetary Fund.

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