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Fiscal Devaluation in a Monetary Union
Philipp EnglerMr.Giovanni GanelliJuha TervalaSimon Voigts
出版International Monetary Fund, 2014-10-30
主題Business & Economics / Taxation / GeneralBusiness & Economics / Exports & ImportsBusiness & Economics / Economics / Macroeconomics
ISBN14843121399781484312131
URLhttp://books.google.com.hk/books?id=pWYZEAAAQBAJ&hl=&source=gbs_api
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註釋Using a DSGE model calibrated to the euro area, we analyze the international effects of a fiscal devaluation (FD) implemented as a revenue-neutral shift from employer's social contributions to the Value Added Tax. We find that a FD in ‘Southern European countries’ has a strong positive effect on output, but mild effects on the trade balance and the real exchange rate. Since the benefits of a FD are small relative to the divergence in competitiveness, it is best addressed through structural reforms.