The trade balance and fiscal policy in the OECD
利用1960-1995年OECD国家面板数据，分析财政政策不同组成部分对贸易平衡、进出口的短期影响，发现政府工资性消费扩张会减少出口并恶化贸易平衡，尤其在浮动汇率制下。
We explore the short-run impact of movements in different components of fiscal policy on the trade balance, exports and imports for a panel of OECD countries over 1960–1995. We find that the composition of a shift in fiscal policy and the exchange rate regime matter for its transmission to the external account. The strongest result is that an expansion in wage government consumption causes a contraction in exports and a deterioration of the trade balance, especially under flexible exchange rates. We discuss the implications of our results for fiscal and current-account adjustment.