Production structure, tradability and fiscal spending multipliers
利用两部门模型和欧盟国家面板数据，研究非贸易品份额如何影响财政支出乘数，发现非贸易品份额越高乘数越大，而进口份额与乘数呈倒U型关系。
We assess the role that nontradable goods play as a determinant of fiscal spending multipliers, making use of a two-sector model. While fiscal multipliers increase with the share of nontradable goods, an inverted U-shaped relationship exists between multiplier size and the import share. Employing an interacted panel VAR model for EU countries, we estimate the effect of the share of nontradable goods on fiscal spending multipliers. Our empirical results provide strong evidence for the predictions of the theoretical model. They imply that the drag of fiscal consolidations is on average smaller in countries with a low share of nontradable goods.