期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2014
出版社：European Central Bank
摘要：Small open economies within a monetary union have a limited range ofstabilisation tools, as area-wide nominal interest and exchange rates do notrespond to country-specific shocks. Such limitations imply that imbalancescan be difficult to resolve. We assess the role that government spendingcan play in mitigating this issue using a global DSGE model, with anextensive fiscal sector allowing for a rich set of transmission channels. Wefind that complementarities between government and private consumptioncan substantially increase spending multipliers. Government investment,by raising productive public capital, improves external competitivenessand counteracts external imbalances. An ex-ante budget-neutral switchof government expenditure towards investment has beneficial effects in themedium run, while short-run effects depend on the degree of co-movementbetween private and government consumption. Finally, spillovers from afiscal stimulus in one region of a monetary union depend on trade linkagesand can be sizeable
关键词：Fiscal policy; Public capital; Imbalances; Trade
