1.
SERIEs (Berl)
; 14(1): 1-28, 2023.
Artigo
em Inglês
| MEDLINE
| ID: mdl-36644681
RESUMO
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.