| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP17397 |
| DP17397 Excess Savings and Twin Deficits: The Transmission of Fiscal Stimulus in Open Economies | |
| Rishabh Aggarwal; Adrien Auclert; Matthew Rognlie; Ludwig Straub | |
| 发表日期 | 2022-06-20 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We study the effects of debt-financed fiscal transfers in a general equilibrium, heterogeneous-agent model of the world economy. In the long run, increases in government debt anywhere raise the world interest rate and increase private wealth everywhere. In the short run, a country with a larger-than-average fiscal deficit experiences both a large increase in private savings (“excess savings”) and a small but persistent current account deficit (a slow-motion “twin deficit”). These patterns are consistent with the evolution of the world’s balance of payments since the beginning of the Covid pandemic. |
| 主题 | International Macroeconomics and Finance ; Monetary Economics and Fluctuations |
| URL | https://cepr.org/publications/dp17397 |
| 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/546464 |
| 推荐引用方式 GB/T 7714 | Rishabh Aggarwal,Adrien Auclert,Matthew Rognlie,et al. DP17397 Excess Savings and Twin Deficits: The Transmission of Fiscal Stimulus in Open Economies. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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