상세검색
최근 검색어 전체 삭제
다국어입력
즐겨찾기0
145230.jpg
SCOPUS 학술저널

Exchange-Rate Regimes and the Effectiveness of Fiscal Policy

Exchange-Rate Regimes and the Effectiveness of Fiscal Policy

How does the potency of fiscal policy depend on a country`s exchange-rate regime? The Mundell-Fleming theoretical model predicts that fiscal policy can affect output under both fixed and flexible exchange rates, but that the effect is larger when the exchange rate is fixed. Using a panel data set of 61 countries for the 1951-2007 period, the paper shows that fiscal policy is indeed more potent under fixed exchange rates than under flexible, and that the difference is substantial: the estimated models imply that maintaining a fixed exchange rate raises the long-run fiscal multiplier by roughly a third.

Ⅰ. Introduction

Ⅱ. The Data

Ⅲ. Empirical Evidence

Ⅳ. Discussion and Conclusions

로딩중