International Fiscal Policy Transmission
在一个两国一般均衡模型中研究随机财政政策冲击的国际传导，发现国内财政扩张对国外产出的溢出效应取决于国内外商品的互补或替代关系，与标准Mundell-Fleming结果不同。
The paper examines international transmission of stochastic fiscal policy disturbances in a two-country general equilibrium framework, with possible excess supply equilibria with underutilization of resources. Nominal goods prices are sticky, although optimally set by firms in monopolistic competition. Asset prices are flexible. Agents have rational expectations. The spillover effect on foreign output of a domestic fiscal expansion differs from the standard positive Mundell-Fleming one, and depends on whether home and foreign goods are Edgeworth-Pareto complements or substitutes, which in turn depends on the relative size of intertemporal and intratemporal elasticities of substitution in consumption.