Política fiscal y estabilidad macroeconómica: Nuevas evidencias e implicaciones de política


  • Xavier Debrun International Monetary Fund (Washington DC., United States)
  • Radhicka Kapoor London School of Economics (London, United Kingdon)



Palabras clave:

estabilización económica, política fiscal, estabilidad fiscal


Este documento retoma el estudio de la relación empírica entre la políticafiscal y la estabilidad macroeconómica. Nuestro supuesto básico es que, pordefinición, el funcionamiento de los estabilizadores automáticas deberíasiempre y en todas partes contribuir a una mayor estabilidad macroeconómica(producción y consumo). Sin embargo, dos hechos estilizados parecen estar endesacuerdo con esa predicción. En primer lugar, el efecto moderador de losestabilizadores automáticos parece haberse debilitado en las economíasavanzadas entre los años 1990 y 2006. En segundo lugar, los estabilizadoresautomáticos no parecen ser eficaces en las economías en desarrollo. Nuestroanálisis aborda estos enigmas aparentes por medio del análisis del papelambivalente del gobierno como un amortiguador e inductor de shocks sobrelos determinantes de la volatilidad macroeconómica en el tiempo. Losresultados proporcionan un fuerte apoyo a la opinión de que la estabilizaciónfiscal opera principalmente a través de los estabilizadores automáticos.



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Cómo citar

Debrun, X., & Kapoor, R. (2010). Política fiscal y estabilidad macroeconómica: Nuevas evidencias e implicaciones de política. Revista De Economía Y Estadística, 48(2), 69–101. https://doi.org/10.55444/2451.7321.2010.v48.n2.4107