000			01565nab a2200277 c 4500
999			_c148488 _d148488
003			ES-MaIEF
005			20231120144838.0
007			ta
008			231120t2023 us ||||| |||| 00| 0|eng d
040			_aES-MaIEF _bspa _cES-MaIEF
100			_914507 _aErceg, Christopher J.
245		0	_aTrade policies and fiscal devaluations _c Christopher Erceg, Andrea Prestipino and Andrea Raffo
500			_aResumen.
504			_aBibliografía.
520			_aFiscal devaluations—an increase in import tariffs and export subsidies (IX) or an increase in value-added taxes and payroll subsidies (VP)—have been shown to provide as much stimulus under fixed exchange rates as a currency devaluation. We find that if agents expect policies to be reversed and the tax pass-through is large, VP is contractionary and IX provides a modest boost. In our medium-scale DSGE model, both features are crucial in accounting for Germany's underperformance in response to VP in 2007. These findings cast doubt on fiscal devaluations as a cyclical stabilization tool when monetary policy is constrained.
650			_aCOMERCIO _938116
650			_aIMPUESTOS _947460
650		4	_948221 _aREDUCCIONES TRIBUTARIAS
650			_aPOLITICA FISCAL _948067
650		4	_96729 _aACUERDOS COMERCIALES
650		4	_aMODELOS ECONOMETRICOS _947776
700	1		_971173 _aPrestipino, Andrea
700	1		_971174 _aRaffo, Andrea
773	0		_9170628 _oOP 2137/2023/4 _tAmerican Economic Journal : Macroeconomics _w(IEF)64915 _x 1945-7707 _g v. 15, n. 4, October 2023, p. 104-140
942			_cART