2017-08-142017-08-142017-08-142017-08-14https://repositorio.banrep.gov.co/handle/20.500.12134/6323In this paper we estimate the effect of government consumption shocks on GDP using a panel of 21 developing economies. Our goal is to better understand the reasons for the low fiscal multipliers found in the literature by performing estimations for alternative exchange rate regimes, business-cycle phases, and monetary policy stances. In addition, we perform counterfactual simulations to analyze the possible gains from fiscal-monetary policy coordination. The results imply that government consumption shocks are usually followed by monetary policy tightening in developing economies with flexible regimes. Our simulations show that this reaction partially explains the presence of low fiscal multipliers in these economies. Government consumption shocks imply lower multipliers in developing economies during flexible regimes, economic slowdowns or monetary contractions. In addition, implementing fiscal programs during monetary expansions seems to improve significantly their economic stimulus.25 páginas : gráficas, tablasPDFengOpen AccessPolítica fiscalPolítica monetariaModelos VARTipos de cambioPanel VARWorking PaperE63 - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury PolicyE62 - Fiscal PolicyF32 - Current Account Adjustment; Short-Term Capital MovementsFiscal policyMonetary policyStructural vector autoregressionExchange rate regimePanel VARProducto interno bruto -- Estudios comparadosConsumo (Economía) -- Estudios comparadosCiclos económicos -- Estudios comparadosPolítica monetaria -- Estudios comparadosGastos públicos -- Estudios comparadosAcceso abiertoAtribucion-NoComercial-CompartirIgual CC BY-NC-SA 4.0F32 - Ajustes de la balanza por cuenta corriente; Movimientos de capital a corto plazoE62 - Política fiscalE63 - Análisis comparativo o conjunto de las políticas fiscales y monetarias; Estabilización; Políticas de tesoreríaLas opiniones contenidas en el presente documento son responsabilidad exclusiva de los autores y no comprometen al Banco de la República ni a su Junta Directiva.https://hdl.handle.net/20.500.12134/6323