Political Cycles: 2010 and 2014

BRAZIL ECONOMICS - Report 18 Nov 2013 by Marcelo Gazzano, Cristina Pinotti and Affonso Pastore
Election years are usually accompanied by political cycles: governments abandon fiscal and monetary austerity in search of ways to stimulate aggregate demand and reduce unemployment. The overall aim is to boost the popularity of the candidate supported by the party in power. This happened in Brazil in 2010. The country had already emerged from the recession after the first quarter of 2009, but the government still increased the dose of fiscal stimuli, by keeping the primary surplus near the level of 2009 (justified by the need for counter-cyclical measures) and by transferring funds represe...

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