政府支出与均衡实际汇率

Government Expenditure and Real Equilibrium Exchange Rate

本文首先回顾了政府支出与均衡实际汇率之间关系的研究文献。开放的宏观经济理论认为 ,政府支出的增加会导致私人消费的增加 ,从而导致经常项目恶化和实际汇率上升。本文建立了一个关于消费者行为和政府行为分析的模型 ,并将其置于一个内外均衡的框架下讨论政府对贸易品和非贸易品支出变动对私人消费和均衡实际汇率的影响 ,以及政府的货币政策是如何影响政府支出政策进而对均衡实际汇率产生影响的。结论是 :政府对非贸易品支出的变化对均衡实际汇率的影响是不确定的 ;名义本币资产的增长对均衡实际汇率的影响也是不确定的。

This paper discuses the relation of government expenditure and equilibrium real exchange rate. We study the effect of government expenditure on equilibrium real exchange rate in an open economy version of the Alessandro-Penati model. We solve for the theoretical relationship among the relative government expenditure on tradable goods and non-tradable goods and equilibrium real exchange rate, and the relationship among the monetary policy, government expenditure and equilibrium real exchange rate. The results suggest that the relation between government expenditure on non-tradable goods and equilibrium real exchange rate is ambiguous, and the relation between the nominal home capital growth and equilibrium real exchange rate is ambiguous also.