The macroeconomic (and distributional) effects of public investment in developing economies by Davide Furceri and Bin Grace Li published by IMF (10/2017). “This paper provides new empirical evidence of the macroeconomic effects of public investment in developing economies. Using public investment forecast errors to identify unanticipated changes in public investment, the paper finds that increased public investment raises output in the short and medium term, with an average short-term fiscal multiplier of about 0.2…”
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