| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8180 |
| DP8180 Floats, pegs and the transmission of fiscal policy | |
| Giancarlo Corsetti; Gernot Müller; Keith Kuester | |
| 发表日期 | 2011-01-03 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | According to conventional wisdom, fiscal policy is more effective under a fixed than under a flexible exchange rate regime. In this paper we reconsider the transmission of shocks to government spending across these regimes within a standard new-Keynesian model of a small open economy. Because of the stronger emphasis on intertemporal optimization, the new-Keynesian framework requires a precise specification of fiscal and monetary policies, and their interaction, at both short and long horizons. We derive an analytical characterization of the transmission mechanism of expansionary spending policies under a peg, showing that the long-term real interest rate necessarily rises if inflation rises on impact, in response to an increase in government spending. This drives down private demand even though short-term real rates fall. As this need not be the case under floating exchange rates, the conventional wisdom needs to be qualified. Under plausible medium-term fiscal policies, government spending is not necessarily less expansionary under floating exchange rates. |
| 主题 | International Macroeconomics |
| 关键词 | Exchange rate regimes Fiscal policy Long-term rates monetary policy New-keynesian models |
| URL | https://cepr.org/publications/dp8180 |
| 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/537017 |
| 推荐引用方式 GB/T 7714 | Giancarlo Corsetti,Gernot Müller,Keith Kuester. DP8180 Floats, pegs and the transmission of fiscal policy. 2011. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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