G2TT
来源类型Discussion paper
规范类型论文
来源IDDP8986
DP8986 Exchange rate regimes and fiscal multipliers
Gernot Müller; Benjamin Born; Falko Juessen
发表日期2012-05-21
出版年2012
语种英语
摘要Does the fiscal multiplier depend on the exchange rate regime and, if so, how strongly? To address this question, we first estimate a panel vector autoregression (VAR) model on time-series data for OECD countries. We identify the effects of unanticipated government spending shocks in countries with fixed and floating exchange rates, while controlling for anticipated changes in government spending. In a second step, we interpret the evidence through the lens of a New Keynesian small open economy model. Three results stand out. First, while government spending multipliers are larger under fixed exchange rate regimes, the difference relative to floating exchange rates is smaller than what traditional Mundell-Fleming analysis suggests. Second, there is little evidence for the specific transmission channel which is at the heart of the Mundell-Fleming model. Third, the New Keynesian model provides a satisfactory account of the evidence.
主题International Macroeconomics
关键词Exchange rate regimes Fiscal multiplier Fiscal policy monetary policy New keynesian model Panel var
URLhttps://cepr.org/publications/dp8986
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/537805
推荐引用方式
GB/T 7714
Gernot Müller,Benjamin Born,Falko Juessen. DP8986 Exchange rate regimes and fiscal multipliers. 2012.
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