| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14073 |
| DP14073 The worst of both worlds: Fiscal policy and fixed exchange rates | |
| Benjamin Born; Francesco D'Ascanio; Gernot Müller; Johannes Pfeifer | |
| 发表日期 | 2019-10-22 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | Under fixed exchange rates, fiscal policy is an effective tool. According to classical views because it impacts the real exchange rate, according to Keynesian views because it impacts output. Both views have merit because the effects of government spending are asymmetric. A spending cut lowers output but does not alter the real exchange rate. A spending increase appreciates the exchange rate but does not alter output unless there is economic slack. We establish these results in a small open economy model with downward nominal wage rigidity and provide empirical evidence on the basis of quarterly time-series data for 38 countries. |
| 主题 | International Macroeconomics and Finance ; Monetary Economics and Fluctuations |
| 关键词 | Downward nominal wage rigidity Government spending shocks Exchange rate peg Real exchange rate Output Non-linear effects Asymmetric adjustment |
| URL | https://cepr.org/publications/dp14073 |
| 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/542958 |
| 推荐引用方式 GB/T 7714 | Benjamin Born,Francesco D'Ascanio,Gernot Müller,et al. DP14073 The worst of both worlds: Fiscal policy and fixed exchange rates. 2019. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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