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100   $a20130221d2012      uy             0
101 0 $aeng
135   $aurcn|||||||||
181   $ctxt
182   $cc
183   $acr
200 10$aFiscal policy and the real exchange rate$b[electronic resource] /$fby Santanu Chatterjee and Azer Mursagulov
210   $a[Washington, D.C.] $cInternational Monetary Fund$d[2012]
215   $a1 online resource (42 p.)
225 0 $aIMF working paper ;$vWP/12/52
300   $a"February 2012."
311   $a1-4639-4563-9 
311   $a1-4639-3713-X 
320   $aIncludes bibliographical references.
327   $aCover; Contents; 1. Introduction; 2. The Analytical Framework; 2.1. Resource allocation in the private sector; 2.2. The public sector; 2.3. Macroeconomic equilibrium; 2.4. Current account dynamics; 3. Numerical Analysis; 3.1. The benchmark equilibrium; 3.2. Fiscal policy shocks; 3.3. Exchange rate dynamics: sensitivity to financing policies; 3.4. The persistence of the real exchange rate; 3.5. The short-run correlation between government spending and private consumption; 4. Sensitivity Analysis; 4.1. Sectoral output elasticity of public capital; 4.2. Elasticity of substitution in production
327   $a4.3. Intersectoral adjustment costs 5. Conclusions; Tables; 1. Benchmark equilibrium; 2. Government spending shocks: Long-run effects; 3. Government spending and the real exchange rate; 4. Government spending and short-run consumption; Figures; 1. Government spending shocks; 2. Government spending and the real exchange rate: sensitivity to financing policies; 3. Government spending, the persistence of the real exchange rate, and the time horizon; 4. Government spending and consumption: sensitivity to the sectoral elasticity of public capital
327   $a5. Government spending and the real exchange rate: sensitivity to the sectoral elasticity of public capital 6. Government spending and the real exchange rate: sensitivity to the elasticity of substitution in production; 7. Government spending and the real exchange rate: sensitivity to intersectoral adjustment costs; References
330   $aGovernment spending on infrastructure has recently increased sharply in many emerging-market economies. This paper examines the mechanism through which public infrastructure spending affects the dynamics of the real exchange rate. Using a two-sector dependent open economy model with intersectoral adjustment costs, we show that government spending generates a non-monotonic U-shaped adjustment path for the real exchange rate with sharp intertemporal trade-offs. The effect of government spending on the real exchange rate depends critically on (i) the composition of public spending, (ii) the under
410  0$aIMF Working Papers
606   $aForeign exchange rates
606   $aFiscal policy
606   $aGovernment spending policy
608   $aElectronic books.
615  0$aForeign exchange rates.
615  0$aFiscal policy.
615  0$aGovernment spending policy.
700   $aChatterjee$b Santanu$0497920
701   $aMursagulov$b Azer$0996786
712 02$aInternational Monetary Fund.
801  0$bMiAaPQ
801  1$bMiAaPQ
801  2$bMiAaPQ
906   $aBOOK
912   $a9910452793403321
996   $aFiscal policy and the real exchange rate$92285405
997   $aUNINA