Fiscal Policy in the New Open Economy Macroeconomics and Prospects for Fiscal Policy Coordination
综述了新开放经济宏观经济学模型中财政政策的效果，补充了汇率制度和政策类型（平衡预算或债务融资）的影响，并讨论了财政政策协调的潜在收益。
Abstract. This paper reviews the literature on the effects of fiscal policy in new open economy macroeconomics (NOEM) models, complementing it with additional results that attempt to clarify the importance of the exchange rate regime (fixed or flexible) and of the type of policy (balanced budget or debt‐financed). Fixed exchange rates only seem to postpone the costs from the short to the long run, but the type of policy is crucial in determining the welfare impact of fiscal expansions. The paper also reviews the recent literature on fiscal policy coordination and shows that there is already some evidence that the gains from coordination in this area can be potentially large but draw attention to the need for reflecting more on the role of fiscal policy as a stabilization tool and on possible interactions between fiscal and monetary policy.