We empirically assess whether a usually expected negative response of private consumption and private investment to a … HP-based; and iii) the Hamilton (2018)-based. We find that: i) increases in government consumption have a Keynesian … effect on real per capita private consumption; ii) there is a positive effect of tax increases on private consumption when …

negative long run relationship between the share of public consumption on GDP and the current account balance. As expected, the … variation of real public consumption produces an adverse accumulated response on the current account balance. Finally, the …