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Instituto Superior de Economia e Gestão (ISEG)

Notícias

Publicar Publicado em: 26-05-2011

Artigo de professor e investigador do ISEG aceite para publicação na revista internacional - Economic Modelling

Professor António AfonsoFoi publicado na revista internacional Economic Modelling, o artigo "What are the effects of fiscal policy on asset markets?", da autoria de António Afonso, Professor Associado com Agregação do ISEG e investigador da UECE, em co-autoria com Ricardo Sousa (Universidade do Minho).

Abstract: We investigate the link between fiscal policy shocks and asset markets. Our results show that spending shocks have: a positive and persistent effect on GDP in the U.S. and in the U.K., while for Germany and Italy, such impact is temporary; a positive and persistent effect on housing prices; a negative effect on stock prices; and mixed effects on the price level. A VAR counter-factual exercise suggests that fiscal shocks play a minor role in the asset markets of the U.S. and Germany, and substantially increase the variability of housing and stock prices in the U.K., while government revenue shocks have increased volatility in Italy.

Artigo online: Economic Modelling, 2011, 28 (4), 1871- 1890.
http://www.sciencedirect.com/science/article/pii/S0264999311000770

Autor: ISEG