Output Spillovers from Fiscal Policy
研究了OECD国家间政府购买对产出的跨国溢出效应，发现溢出效应显著，且当受影响国处于衰退时财政冲击的影响更大。
For a large number of OECD countries we estimate the cross-country spillover effects of government purchases on output. Following the methodology in Auerbach and Gorodnichenko (2012a, b), we allow these multipliers to vary smoothly according to the state of the economy and use real-time forecast data to purge policy innovations of their predictable components. Our findings suggest that cross-country spillovers have an important impact. The findings also confirm those of our earlier papers--namely that fiscal shocks have a larger impact when the affected country is in recession.