| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7553 |
| DP7553 The Gravity of Knowledge | |
| Wolfgang Keller; Stephen Yeaple | |
| 发表日期 | 2009-11-15 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | The global recession of 2008-09 has revived interest in the international repercussions of domestic policy choices. This paper focuses on the case of fiscal stimulus, investigating cross-border spillovers from an increase in exhaustive government spending on the basis of a two-country business cycle model. Our model allows spillovers to be affected by a range of features, including trade elasticities, the size and openness of economies, as well as financial imperfections. Beyond these well-known determinants, however, we highlight the central importance of policy frameworks, notably the medium-term debt consolidation regime. We consider the plausible case in which a temporary debt-financed increase in government spending gives rise to higher future taxes along with some reduction in spending over time. The anticipated spending reversal not only strengthens the domestic stimulus effect but also enhances positive cross-border spillovers through its impact on global long-term interest rates. Thus, our findings lend support to the notion that coordinated short-term stimulus policies are most effective when coupled with credible medium-term consolidation plans featuring at least some spending restraint. |
| 主题 | International Macroeconomics |
| 关键词 | Debt consolidation Fiscal policy International spillovers monetary policy |
| URL | https://cepr.org/publications/dp7553 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/536389 |
| 推荐引用方式 GB/T 7714 | Wolfgang Keller,Stephen Yeaple. DP7553 The Gravity of Knowledge. 2009. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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