The Effects of Fiscal Policy in a Two-Country World Economy: An Intertemporal Analysis
用两国家一般均衡模型分析财政政策效应，发现政府支出从生产性转向消费性会导致贸易逆差扩大和贸易条件升值，这与美国1980年代经验一致。
This paper analyzes the effects of fiscal policy using a two-country general equilibrium model. A key finding is that a shift in government spending from productive purchases to consumption purchases causes a rising trade deficit and an appreciation of the terms of trade, consistent with the U.S. experiences in the 1980s. Productive public services play a critical role in these adjustments by driving a wedge between the rates of return on domestic and foreign capital. A temporary cut in the capital income tax is also crucial for explaining a persistent trade deficit and an appreciation of the terms of trade. Copyright 1995 by Ohio State University Press.