| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w17708 |
| 来源ID | Working Paper 17708 |
| Multilateral Economic Cooperation and the International Transmission of Fiscal Policy | |
| Giancarlo Corsetti; Gernot J. Müller | |
| 发表日期 | 2011-12-29 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | During the global financial crisis 2007-2009 fiscal policy was widely used as a stabilization tool. Policymakers allowed a large build-up of public debt resulting from both automatic and discretionary expansionary measures. At the same time, calls for policy coordination stressed that international spillovers of fiscal policy might be sizeable. We reconsider the case for fiscal coordination by providing new evidence on the cross-border effects of discretionary fiscal measures. We rely on a vector autoregression model as well as on a quantitative business cycle model. We find that i) large spillover effects cannot be ruled out and, in contrast to conventional wisdom, ii) financial factors rather than trade flows lie at the heart of the international transmission mechanism. We discuss the implications of these results for policy coordination when markets price sovereign default risk, and put pressure on governments for implementing budget consolidation measures. |
| 主题 | Macroeconomics ; Fiscal Policy ; International Economics ; International Macroeconomics |
| URL | https://www.nber.org/papers/w17708 |
| 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/575383 |
| 推荐引用方式 GB/T 7714 | Giancarlo Corsetti,Gernot J. Müller. Multilateral Economic Cooperation and the International Transmission of Fiscal Policy. 2011. |
| 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 | ||
| w17708.pdf（365KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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