This article estimates the stance of fiscal policy using the framework of conditional forecasting to evaluate the stance in Brazil since 1997. This indicator is measured as the deviation of forecast of the output gap conditional to the observed values and steady-state values of the instruments...

This article presents various econometric specifications - most notably Markov- Switching models - for the fiscal reaction function of the Brazilian consolidated public sector after the 1994 ?Real Plan?. The results reported here strongly suggest that a major structural break has happened in the...

This article estimates the stance of fiscal policy using the framework of conditional forecasting to evaluate the stance in Brazil since 1997. This indicator is measured as the deviation of forecast of the output gap conditional to the observed values and steady-state values of the instruments...