000			01678nab a2200289 c 4500
999			_c147141 _d147141
003			ES-MaIEF
005			20230313133200.0
007			ta
008			230310t2023 us ||||| |||| 00| 0 eng d
040			_aES-MaIEF _bspa _cES-MaIEF
100			_957779 _aLambertini, Luisa
245		0	_aFiscal policy, relative prices, and net exports in a currency union _cLuisa Lambertini and Christian Proebsting
500			_aResumen
504			_aBibliografía.
520			_aThe hoped-for silver lining of euro-area austerity programs was to raise external competitiveness and improve current accounts. Using product- and industry-level data for 12 countries over the period 1999–2018, we show that reductions in government spending reduce prices and wages but only for products with low import content and industries with low export shares. This leads to asymmetric expenditure switching, with net exports improving through lower imports rather than higher exports. The standard small-open-economy model fails to rationalize these findings, but home bias in government spending and frictions preventing factor prices from equalizing across sectors considerably improve the fit of the model.
650		4	_aPRECIOS _948092
650		4	_aINFLACION _946815
650		4	_aDEFLACION _941784
650		4	_aGASTO PUBLICO _944787
650		4	_aPOLITICA FISCAL _948067
650		4	_aEXPORTACION _944071
650		4	_aUNION EUROPEA _948644
650		4	_aMODELOS ECONOMETRICOS _947776
700	1		_970408 _aProebsting, Christian
773	0		_9168890 _oOP 2137/2023/1 _tAmerican Economic Journal : Macroeconomics _w(IEF)64915 _x 1945-7707 _g v. 15, n. 1, January 2023, p. 371-410
942			_cART