{"title":"The aggregate effects of government income transfers shocks: EU evidence.","authors":"Susana Párraga Rodríguez, Banco de España","doi":"10.1007/s13209-022-00271-x","DOIUrl":null,"url":null,"abstract":"<p><p>This paper estimates the aggregate effects of government income transfers shocks for a sample of EU countries. I construct a new measure of transfers shocks based on a dataset by public finance experts of the European System of Central Banks (ESCB). The identification strategy consists of a narrative analysis of policy actions in old age pensions reported in the ESCB dataset. I find that increases in old age pensions have a positive impact on aggregate expenditure components and employment consistent with a multiplier effect between 0 and 1.</p>","PeriodicalId":54185,"journal":{"name":"Series-Journal of the Spanish Economic Association","volume":"14 1","pages":"1-28"},"PeriodicalIF":1.7000,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9825069/pdf/","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Series-Journal of the Spanish Economic Association","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.1007/s13209-022-00271-x","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"ECONOMICS","Score":null,"Total":0}
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Abstract
This paper estimates the aggregate effects of government income transfers shocks for a sample of EU countries. I construct a new measure of transfers shocks based on a dataset by public finance experts of the European System of Central Banks (ESCB). The identification strategy consists of a narrative analysis of policy actions in old age pensions reported in the ESCB dataset. I find that increases in old age pensions have a positive impact on aggregate expenditure components and employment consistent with a multiplier effect between 0 and 1.
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SERIEs - Journal of the Spanish Economic Association is the result of a merger between the two most important academic economics journals in Spain: Spanish Economic Review (SER) and Investigaciones Económicas (IE). The new journal publishes scientific articles in all areas of economics. We welcome both theoretical and empirical papers and place great value on applying high quality standards.
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