| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w13328 |
| 来源ID | Working Paper 13328 |
| Explaining the Effects of Government Spending Shocks on Consumption and the Real Exchange Rate | |
| Morten O. Ravn; Stephanie Schmitt-Grohé; Martín Uribe | |
| 发表日期 | 2007-08-21 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | Using panel structural VAR analysis and quarterly data from four industrialized countries, we document that an increase in government purchases leads to an expansion in output and private consumption, a deterioration in the trade balance, and a depreciation of the real exchange rate (i.e., a decrease in the domestic CPI relative to the exchange-rate adjusted foreign CPI). We propose an explanation for these observed effects based on the deep habit mechanism. We estimate the key parameters of the deep-habit model employing a limited information approach. The predictions of the estimated deep-habit model fit well the observed responses of output, consumption, the trade balance, and the real exchange rate to an unanticipated government spending shock. In addition, the deep-habit model predicts that in response to an anticipated increase in government spending consumption and wages fail to increase on impact, which is consistent with the empirical evidence stemming from the narrative identification approach. In this way, the deep-habit model reconciles the findings of the SVAR and narrative literatures on the effects of government spending shocks. |
| 主题 | Macroeconomics ; Business Cycles ; Fiscal Policy ; International Economics ; International Macroeconomics |
| URL | https://www.nber.org/papers/w13328 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/571000 |
| 推荐引用方式 GB/T 7714 | Morten O. Ravn,Stephanie Schmitt-Grohé,Martín Uribe. Explaining the Effects of Government Spending Shocks on Consumption and the Real Exchange Rate. 2007. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w13328.pdf（231KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
