Fiscal Consolidation in an Open Economy
使用新凯恩斯DSGE模型研究小型开放经济中财政整顿的效果，比较了货币联盟和零利率下限两种货币政策约束下的差异，发现冲击影响取决于零利率下限持续时间和通胀响应特征。
his paper uses a New Keynesian DSGE model of a small open economy to compare how the effects of fiscal consolidation differ depending on whether monetary policy is constrained by currency union membership or by the zero lower bound on policy rates. We show that there are important differences in the impact of fiscal shocks across these monetary regimes that depend both on the duration of the zero lower bound and on features that determine the responsiveness of inflation.