Fiscal Policy Spillovers through Trade Openness

Georgios Karras

10 citations0/0 files storedJournal of Economic Integration

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Monetary Policy and Economic Impact Global Financial Crisis and Policies Fiscal Policies and Political Economy

Abstract

This paper studies whether trade openness reduces the domestic fiscal multiplier, but increases the impacts of foreign fiscal shocks, i.e., the spillover effect, as suggested by theory.Using annual data from the period of 1970 to 2011, for 179 developed and developing economies, we show that domestic fiscal shocks are less potent in more open economies, while foreign (rest of the world) fiscal shocks are more potent in more open economies.

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2001Econometric Analysis of Cross Section and Panel Data 2012Measuring the Output Responses to Fiscal Policy 2011When Is the Government Spending Multiplier Large?2010How Big (Small?) are Fiscal Multipliers?2009What are the effects of fiscal policy shocks?2011Simple Analytics of the Government Expenditure Multiplier 2011Macroeconomic Effects From Government Purchases and Taxes *2011Can Government Purchases Stimulate the Economy?

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