Sanches, Marina da Silva; Serra, Gustavo Pereira - In: Economia : revista da ANPEC 26 (2025) 3, pp. 397-414
Building on evidence of a stronger multiplier effect of social benefits during Brazil's 2015-2016 crisis, and the relative stability of consigned credit to retirees compared to active workers, we propose a demand-driven theoretical model to formalize the observed higher transfer multiplier in...