Excess Savings and Twin Deficits: The Transmission of Fiscal Stimulus in Open Economies
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We study the effects of debt-financed fiscal transfers in a general equilibrium, heterogeneous-agent model of the world economy. In the long run, increases in government debt anywhere raise the world interest rate and increase private wealth everywhere. In the short run, a country with a larger-than
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美国国家经济研究局创建时间：
2022-06-01
