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International Fiscal Spillovers: A Review Essay

Michael B. Devereux
한국경제학회 (The Korean Economic Association)|2018.01|The Korean Economic Review|제34권 제1호|pp. 29-50|DOI 10.22841/kerdoi.2018.34.1.002

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참고문헌

키워드

Exchange Rate RegimeFiscal MultipliersFiscal Spillovers
주제분류경제학

초록

This paper provides a review of the empirical literature on fiscal multipliers and international fiscal spillovers. We discuss the various empirical methodologies employed in measuring spillovers, and the degree to which estimated spillovers depend on the state of the business cycle, the stance of monetary policy, the exchange rate regime, and other factors. In an environment where monetary policy is constrained by the zero bound, both fiscal multipliers and international fiscal spillovers are likely to be much larger than in normal times. In general, this prediction is supported in the empirical literature.

Abstract

This paper provides a review of the empirical literature on fiscal multipliers and international fiscal spillovers. We discuss the various empirical methodologies employed in measuring spillovers, and the degree to which estimated spillovers depend on the state of the business cycle, the stance of monetary policy, the exchange rate regime, and other factors. In an environment where monetary policy is constrained by the zero bound, both fiscal multipliers and international fiscal spillovers are likely to be much larger than in normal times. In general, this prediction is supported in the empirical literature.

참고문헌 (71)

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