Production Networks And International Fiscal Spillovers
在多国动态模型中引入国际生产网络，分析财政支出冲击对GDP的影响，发现德国和欧元区核心国家的财政溢出效应较大，且生产网络放大了这种效应。
Abstract This paper analyses the impact of fiscal spending shocks in a dynamic, multi-country model with international production networks. The response of real gross domestic product to a fiscal spending shock can be decomposed into a direct effect, income effect and price effect. The direct effect depends only on input-output linkages, while the price effect is zero in the aggregate. We apply this decomposition to the Eurozone, and find that fiscal spillovers from Germany and the core Eurozone countries can be large, and within the range of empirical estimates. Without international production networks, spillovers would be significantly smaller. In an empirical application, using the decomposition, we find results strongly consistent with the model.