Series: Working Papers. 1408.
Author: Francisco de Castro, Francisco Martí, Antonio Montesinos, Javier J. Pérez and A. Jesús Sánchez-Fuentes.
Topics: Fiscal policy | Quantitative methods | Crisis | Government debt | General government.
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Abstract
We provide key stylised facts on fiscal policy developments in Spain over the past three decades using quarterly data (1986Q1-2012Q2). First, we compute stylised facts on the cyclical properties of fiscal policies over that period. Next, we report updated evidence on the macroeconomic effects of non-systematic fiscal policies, including updated estimates of their macroeconomic impact (fiscal multipliers) for alternative datasets. To perform the analysis in the paper we built up a comprehensive database of seasonally adjusted quarterly fiscal variables for the period of interest.