{"id":3263,"date":"2026-02-06T11:50:37","date_gmt":"2026-02-06T14:50:37","guid":{"rendered":"https:\/\/madeusp.com.br\/?post_type=made_publication&#038;p=3263"},"modified":"2026-08-06T14:48:32","modified_gmt":"2026-08-06T17:48:32","slug":"a-divida-publica-aumenta-a-desigualdade-efeitos-do-deficit-primario-e-dos-juros-nominais-sobre-a-participacao-dos-trabalhadores-na-renda-agregada-2002-2019","status":"publish","type":"made_publication","link":"https:\/\/madeusp.com.br\/en\/publicacoes\/artigos\/a-divida-publica-aumenta-a-desigualdade-efeitos-do-deficit-primario-e-dos-juros-nominais-sobre-a-participacao-dos-trabalhadores-na-renda-agregada-2002-2019\/","title":{"rendered":"A d\u00edvida p\u00fablica aumenta a desigualdade? Efeitos do D\u00e9ficit Prim\u00e1rio e dos Juros Nominais sobre a Participa\u00e7\u00e3o dos Trabalhadores na Renda Agregada (2002\u20132019)"},"content":{"rendered":"<p class=\"p1\">Esta nota inves\u00adti\u00adga os impac\u00adtos da d\u00edvi\u00adda p\u00fabli\u00adca fede\u00adral sobre &nbsp;par\u00adce\u00adla sala\u00adri\u00adal da ren\u00adda no Bra\u00adsil, no per\u00edo\u00addo de 2002 a 2019. Repli\u00adcan\u00addo o mode\u00adlo de Cana\u00adle e De Sia\u00adno (2024) para o Bra\u00adsil, esti\u00adma\u00admos o efei\u00adto do resul\u00adta\u00addo nomi\u00adnal e de seus dois com\u00adpo\u00adnen\u00adtes, o resul\u00adta\u00addo pri\u00adm\u00e1\u00adrio e o paga\u00admen\u00adto de juros nomi\u00adnais, na par\u00adti\u00adci\u00adpa\u00ad\u00e7\u00e3o dos tra\u00adba\u00adlha\u00addo\u00adres na ren\u00adda agre\u00adga\u00adda. Essa inclu\u00ads\u00e3o per\u00admi\u00adte ava\u00adli\u00adar qual com\u00adpo\u00adnen\u00adte \u2013 o resul\u00adta\u00addo pri\u00adm\u00e1\u00adrio ou o paga\u00admen\u00adto de juros \u2013 exer\u00adce um efei\u00adto pre\u00adpon\u00adde\u00adran\u00adte sobre o impac\u00adto que o resul\u00adta\u00addo nomi\u00adnal tem na par\u00adce\u00adla sala\u00adri\u00adal da ren\u00adda. Apli\u00adcan\u00addo o m\u00e9to\u00addo de pro\u00adje\u00ad\u00e7\u00f5es locais (Jord\u00e0, 2005), os resul\u00adta\u00addos indi\u00adcam que um aumen\u00adto do d\u00e9fi\u00adcit nomi\u00adnal reduz a par\u00adce\u00adla sala\u00adri\u00adal na ren\u00adda, efei\u00adto majo\u00adri\u00adta\u00adri\u00ada\u00admen\u00adte expli\u00adca\u00addo pelo com\u00adpo\u00adnen\u00adte de paga\u00admen\u00adto de juros nomi\u00adnais. Este ope\u00adra prin\u00adci\u00adpal\u00admen\u00adte por meio do canal do desem\u00adpre\u00adgo: cho\u00adques posi\u00adti\u00advos no paga\u00admen\u00adto de juros nomi\u00adnais, em pro\u00adpor\u00ad\u00e7\u00e3o ao PIB, ele\u00advam a taxa de deso\u00adcu\u00adpa\u00ad\u00e7\u00e3o, o que com\u00adpri\u00adme o poder de bar\u00adga\u00adnha dos tra\u00adba\u00adlha\u00addo\u00adres e reduz a par\u00adti\u00adci\u00adpa\u00ad\u00e7\u00e3o dos tra\u00adba\u00adlha\u00addo\u00adres na ren\u00adda agre\u00adga\u00adda. Em con\u00adtras\u00adte, cho\u00adques que ampli\u00adam o d\u00e9fi\u00adcit pri\u00adm\u00e1\u00adrio (ou redu\u00adzem o supe\u00adr\u00e1\u00advit) est\u00e3o asso\u00adci\u00ada\u00addos a uma que\u00adda do desem\u00adpre\u00adgo e a uma melho\u00adra na par\u00adti\u00adci\u00adpa\u00ad\u00e7\u00e3o dos sal\u00e1\u00adri\u00ados na ren\u00adda. Con\u00adclu\u00ed\u00admos que pol\u00ed\u00adti\u00adcas de ajus\u00adte fis\u00adcal vol\u00adta\u00addas \u00e0 esta\u00adbi\u00adli\u00adza\u00ad\u00e7\u00e3o ou \u00e0 redu\u00ad\u00e7\u00e3o do d\u00e9fi\u00adcit nominal\/PIB, que, simul\u00adta\u00adne\u00ada\u00admen\u00adte, visem \u00e0 pre\u00adser\u00adva\u00ad\u00e7\u00e3o ou \u00e0 melho\u00adra da dis\u00adtri\u00adbui\u00ad\u00e7\u00e3o de ren\u00adda, devem con\u00adsi\u00adde\u00adrar n\u00e3o ape\u00adnas a tra\u00adje\u00adt\u00f3\u00adria do resul\u00adta\u00addo pri\u00adm\u00e1\u00adrio, mas tam\u00adb\u00e9m o n\u00edvel e o mon\u00adtan\u00adte do paga\u00admen\u00adto de juros nominais.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Esta nota inves\u00adti\u00adga os impac\u00adtos da d\u00edvi\u00adda p\u00fabli\u00adca fede\u00adral sobre &nbsp;par\u00adce\u00adla sala\u00adri\u00adal da ren\u00adda no Bra\u00adsil, no per\u00edo\u00addo de 2002 a 2019. Repli\u00adcan\u00addo o mode\u00adlo de Cana\u00adle e De Sia\u00adno (2024) para o Bra\u00adsil, esti\u00adma\u00admos o efei\u00adto do resul\u00adta\u00addo nomi\u00adnal e de seus dois com\u00adpo\u00adnen\u00adtes, o resul\u00adta\u00addo pri\u00adm\u00e1\u00adrio e o paga\u00admen\u00adto de juros nomi\u00adnais,&nbsp;na&nbsp;[\u2026]<\/p>\n","protected":false},"template":"","tags":[],"made_publication_type":[175],"class_list":["post-3263","made_publication","type-made_publication","status-publish","hentry","made_publication_type-policy-notes"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>A d\u00edvida p\u00fablica aumenta a desigualdade? Efeitos do D\u00e9ficit Prim\u00e1rio e dos Juros Nominais sobre a Participa\u00e7\u00e3o dos Trabalhadores na Renda Agregada (2002-2019) &#8212; Made<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/madeusp.com.br\/en\/publicacoes\/artigos\/a-divida-publica-aumenta-a-desigualdade-efeitos-do-deficit-primario-e-dos-juros-nominais-sobre-a-participacao-dos-trabalhadores-na-renda-agregada-2002-2019\/\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/madeusp.com.br\\\/en\\\/publicacoes\\\/artigos\\\/a-divida-publica-aumenta-a-desigualdade-efeitos-do-deficit-primario-e-dos-juros-nominais-sobre-a-participacao-dos-trabalhadores-na-renda-agregada-2002-2019\\\/\",\"url\":\"https:\\\/\\\/madeusp.com.br\\\/en\\\/publicacoes\\\/artigos\\\/a-divida-publica-aumenta-a-desigualdade-efeitos-do-deficit-primario-e-dos-juros-nominais-sobre-a-participacao-dos-trabalhadores-na-renda-agregada-2002-2019\\\/\",\"name\":\"A d\u00edvida p\u00fablica aumenta a desigualdade? 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