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  1. The worst of both worlds
    fiscal policy and fixed exchange rates
    Autor*in: Born, Benjamin; D'Ascanio, Francesco; Müller, Gernot J.; Pfeifer, Johannes
    Erschienen: [2019]
    Verlag:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    Under fixed exchange rates, fiscal policy is an effective tool. According to classical views because it impacts the real exchange rate, according to Keynesian views because it impacts output. Both views have merit because the effects of government... mehr

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 63
    Fernleihe:
    keine Fernleihe

     

    Under fixed exchange rates, fiscal policy is an effective tool. According to classical views because it impacts the real exchange rate, according to Keynesian views because it impacts output. Both views have merit because the effects of government spending are asymmetric. A spending cut lowers output but does not alter the real exchange rate. A spending increase appreciates the exchange rate but does not alter output unless there is economic slack. We establish these results in a small open economy model with downward nominal wage rigidity and provide empirical evidence on the basis of quarterly time-series data for 38 countries.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/207313
    Schriftenreihe: Array ; no. 7922 (October 2019)
    Umfang: 1 Online-Ressource (circa 50 Seiten), Illustrationen
  2. Mr. Keynes meets the classics
    government spending and the real exchange rate
    Autor*in: Born, Benjamin; D'Ascanio, Francesco; Müller, Gernot J.; Pfeifer, Johannes
    Erschienen: May 2021
    Verlag:  ifo Institute - Leibniz Institute for Economic Research at the University of Munich, Munich, Germany

    In economies with fixed exchange rates, the adjustment to government spending shocks is asymmetric. A fiscal expansion appreciates the real exchange rate but does not stimulate output. A fiscal contraction does not alter the exchange rate, but lowers... mehr

    Zugang:
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 402
    Fernleihe:
    keine Fernleihe

     

    In economies with fixed exchange rates, the adjustment to government spending shocks is asymmetric. A fiscal expansion appreciates the real exchange rate but does not stimulate output. A fiscal contraction does not alter the exchange rate, but lowers output. We develop these insights in a two-sector model of a small open economy with downward nominal wage rigidity. We establish new empirical evidence that supports the predictions of the model along several dimensions: not only does the exchange rate regime shape the fiscal transmission mechanism as predicted by the model - in doing so it also interacts with economic slack and inflation.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/235239
    Schriftenreihe: Ifo working papers ; 352 (2021)
    Schlagworte: Downward nominal wage rigidity; government spending shocks; exchangerate peg; real exchange rate; nonlinear effects; asymmetric adjustment; depreciation bias
    Umfang: 1 Online-Ressource (circa 77 Seiten), Illustrationen
  3. Essays in International Macroeconomics
    Autor*in: D'Ascanio, Francesco
    Erschienen: 2020
    Verlag:  Universitätsbibliothek Tübingen, Tübingen

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