| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w30185 |
| 来源ID | Working Paper 30185 |
| 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 | 2022-06-27 |
| 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 | Macroeconomics ; Consumption and Investment ; Fiscal Policy ; International Economics ; International Finance ; International Macroeconomics ; COVID-19 |
| URL | https://www.nber.org/papers/w30185 |
| 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/587858 |
| 推荐引用方式 GB/T 7714 | Rishabh Aggarwal,Adrien Auclert,Matthew Rognlie,et al. Excess Savings and Twin Deficits: The Transmission of Fiscal Stimulus in Open Economies. 2022. |
| 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 | ||
| w30185.pdf（765KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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