Mr. Keynes Meets the Classics: Government Spending and the Real Exchange Rate
研究发现固定汇率制下政府支出冲击的影响不对称：扩张性冲击通过实际汇率吸收，紧缩性冲击通过产出吸收。模型结合向下名义工资刚性，面板数据实证支持，并揭示汇率制度、经济松弛、通胀和融资方式的作用。
In economies with fixed exchange rates, the adjustment to government-spending shocks is asymmetric. Expansionary shocks are absorbed by the real exchange rate, contractionary shocks by output. This result emerges in a small open-economy model with downward nominal wage rigidity and is supported by new empirical evidence based on panel data from different exchange-rate regimes. The exchange-rate regime, economic slack, inflation, and how spending is financed all matter for the fiscal transmission mechanism in the way predicted by the model. Estimates that fail to distinguish between the effects of positive and negative shocks are subject to a “depreciation bias.”