货币联盟中的财政政策、相对价格和净出口

IF 6.3 1区 经济学 Q1 ECONOMICS
Luisa Lambertini, C. Proebsting
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引用次数: 3

摘要

欧元区紧缩计划的一线希望是提高外部竞争力和改善经常账户。利用1999年至2018年期间12个国家的产品和行业层面的数据,我们表明,政府支出的减少会降低价格和工资,但仅适用于进口含量低的产品和出口份额低的行业。这导致了不对称的支出转换,净出口通过减少进口而不是增加出口而改善。标准的小型开放经济模型未能使这些发现合理化,但政府支出的本土偏见和阻碍要素价格在各部门之间均衡的摩擦大大改善了模型的拟合性。(凝胶e31, e62, f14, f33, f45, h20, h50)
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Fiscal Policy, Relative Prices, and Net Exports in a Currency Union
The hoped-for silver lining of euro-area austerity programs was to raise external competitiveness and improve current accounts. Using product- and industry-level data for 12 countries over the period 1999–2018, we show that reductions in government spending reduce prices and wages but only for products with low import content and industries with low export shares. This leads to asymmetric expenditure switching, with net exports improving through lower imports rather than higher exports. The standard small-open-economy model fails to rationalize these findings, but home bias in government spending and frictions preventing factor prices from equalizing across sectors considerably improve the fit of the model. (JEL E31, E62, F14, F33, F45, H20, H50)
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来源期刊
CiteScore
8.20
自引率
1.70%
发文量
58
期刊介绍: American Economic Journal: Macroeconomics focuses on studies of aggregate fluctuations and growth, and the role of policy in that context. Such studies often borrow from and interact with research in other fields, such as monetary theory, industrial organization, finance, labor economics, political economy, public finance, international economics, and development economics. To the extent that they make a contribution to macroeconomics, papers in these fields are also welcome.
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