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The Composition of Government Spending and the Real Exchange Rate
Authors:VAHAGN GALSTYAN  PHILIP R LANE†
Institution:Vahagn Galstyan; is at Trinity College Dublin (E-mail: ). Philip R. Lane; is a Professor at Trinity College Dublin (E-mail: ).
Abstract:We show that the composition of government spending influences the long-run behavior of the real exchange rate. We develop a two-sector small open-economy model in which an increase in government consumption is associated with real appreciation, while an increase in government investment may generate real depreciation. Our empirical work confirms that government consumption and government investment have differential effects on the real exchange rate and the relative price of nontradables.
Keywords:E62  F31  F41
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