| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10115 |
| DP10115 Government Spending Shocks in Open Economy VARs | |
| Mario Forni; Luca Gambetti | |
| 发表日期 | 2014-08-17 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | We identify government spending news and surprise shocks using a novel identification based on the Survey of Professional Forecasters. News shocks lead to an increase of the interest rate, a real appreciation of US dollar and a worsening of the trade balance. The opposite is found for the standard surprise shock which raises government spending on impact: the currency depreciates and net exports improve. We reconcile the two conflicting results showing the different timing of the spending reversals associated with the two shocks. The effects of the news shock on government spending are much more persistent and the reversal occurs much later. |
| 主题 | International Macroeconomics |
| 关键词 | Structual vars Government spending Fiscal policy Forecast revisions Government spending news Survey of professional forecasters Crowding-out Fiscal foresight |
| URL | https://cepr.org/publications/dp10115 |
| 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/538947 |
| 推荐引用方式 GB/T 7714 | Mario Forni,Luca Gambetti. DP10115 Government Spending Shocks in Open Economy VARs. 2014. |
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