Fiscal Policy, the Real Exchange Rate and Traded Goods
研究了政府支出冲击对CPI实际汇率、贸易余额及其与GDP和私人消费共同变动的影响，发现政府支出上升导致CPI实际汇率贬值和贸易逆差，私人消费随之上升。
We estimate the effects of government spending shocks on the CPI real exchange rate, the trade balance and their co-movements with GDP and private consumption. We decompose the variations of the CPI real exchange rate into variations of the traded goods real exchange rate and the relative price of traded to non-traded goods. We reach three main conclusions: a rise in government spending induces a "depreciation" of the CPI real exchange rate and a trade balance deficit; private consumption rises in response to a government spending shock and therefore co-moves positively with the real exchange rate; both components of the CPI real exchange depreciate. Copyright © The Author(s). Journal compilation © Royal Economic Society 2010.