摘要：We analyse the impact of fiscal shocks on the Spanish effective exchange rate over theperiod 1981-2008 using a standard structural VAR framework. Government spending bringsabout positive responses of output and private consumption, jointly with real appreciation and afall in trade balances. Real appreciation is explained by persistent nominal appreciation andhigher relative prices. Accordingly, our results are largely consistent with the predictions of notonly the conventional Mundell-Fleming model, but also of a number of New Keynesian modelsunder standard calibrations. Moreover, our estimations are also consistent with the "twin deficits"hypothesis
