The Composition of Government Spending and the Real Exchange Rate
通过理论和实证分析，发现政府消费增加导致实际汇率升值，而政府投资增加可能导致实际汇率贬值，对研究汇率决定和财政政策效果的学者有参考价值。
We show that the composition of government spending influences the long‐run behavior of the real exchange rate. We develop a two‐sector small open‐economy model in which an increase in government consumption is associated with real appreciation, while an increase in government investment may generate real depreciation. Our empirical work confirms that government consumption and government investment have differential effects on the real exchange rate and the relative price of nontradables.