Consumption, government spending, and the real exchange rate
成果类型：
Article
署名作者：
Ravn, Morten O.; Schmitt-Grohe, Stephanie; Uribe, Martin
署名单位：
Columbia University; National Bureau of Economic Research; University of London; University College London
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2012.02.001
发表日期：
2012
页码：
215-234
关键词：
摘要：
Using panel structural VAR analysis and quarterly data from four industrialized countries, we document that an increase in government purchases raises output and private consumption, deteriorates the trade balance, and depreciates the real exchange rate. This pattern of comovement poses a puzzle for both neoclassical and Keynesian models. An explanation based on the deep-habit mechanism is proposed. An estimated two-country model with deep-habits is shown to replicate well the observed responses of output, consumption, and the trade balance, and the initial response of the real exchange rate to an estimated government spending shock. (C) 2012 Elsevier B.V. All rights reserved.
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