Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/286569 
Year of Publication: 
2023
Citation: 
[Journal:] SERIEs - Journal of the Spanish Economic Association [ISSN:] 1869-4195 [Volume:] 14 [Issue:] 1 [Year:] 2023 [Pages:] 1-28
Publisher: 
Springer, Heidelberg
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.
Subjects: 
European Union
Fiscal multiplier
Public pensions
Transfer payments
JEL: 
E2
E62
H55
I38
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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