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La evaluación de la regla fiscal peruana desde una perspectiva de agregados económicos

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  • Carlos Cortez Lopez

    (Universidad Alberto Hurtado)

Abstract

The purpose of this paper is to evaluate the effects of structural balance fiscal rule on economic aggregates through a dynamic stochastic general equilibrium (DSGE) model, which characterizes an emerging small and open economy as the Peruvian. The results show how this fiscal rule reduces the volatility of different aggregates and the cyclicality of consumption, government spending, investment, imports, exports, net external debt of the economy and the production of non-tradable, except of the production of exportable goods. However, other shocks has a null or opposite effect, namely structural balance fiscal rule is a necessary condition, but not sufficient to smooth the transition of government spending and other economic aggregates to the steady state.

Suggested Citation

  • Carlos Cortez Lopez, 2018. "La evaluación de la regla fiscal peruana desde una perspectiva de agregados económicos," Revista de Analisis Economico – Economic Analysis Review, Universidad Alberto Hurtado/School of Economics and Business, vol. 33(1), pages 3-28, April.
    • Handle: RePEc:ila:anaeco:v:33:y:2018:i:1:p:3-28
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    More about this item

    Keywords

    Fiscal rule; small and open economy; fiscal pro-cyclicality;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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