| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8035 |
| DP8035 Habit Formation and Fiscal Transmission in Open Economies | |
| Gernot Müller; Olivier Cardi | |
| 发表日期 | 2010-10-23 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | In this paper we analyze the ability of an open economy version of the neoclassical model to account for the time-series evidence on fiscal policy transmission. In a first step, we identify government spending shocks within a vector autoregression model. We find that i) government spending increases output and induces a simultaneous decline of investment and the current account, but does not affect consumption; ii) the responses of output and investment are smaller in more open economies, while current account deficits tend to be larger. We find the predictions of the model to be broadly in line with the evidence, once we allow for habit formation in consumption. Specifically, habits are crucial for government spending to induce a simultaneous decline in investment and the current account. |
| 主题 | International Macroeconomics |
| 关键词 | Current account Fiscal policy Habit formation investment |
| URL | https://cepr.org/publications/dp8035 |
| 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/536886 |
| 推荐引用方式 GB/T 7714 | Gernot Müller,Olivier Cardi. DP8035 Habit Formation and Fiscal Transmission in Open Economies. 2010. |
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