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PROSPERITY OR STAGNATION: THE ROLE OF GOVERNMENT EXPENDITURES

机译:繁荣或停滞:政府支出的作用

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摘要

The focus of this paper is to examine the effects and mechanism of government expenditures (GEs) in determining the long-term inflation differentials across countries. For this purpose, we formulate a theoretical model and the related regression system. The models allow us to understand and quantify the supply-side (SS) and demand-side (DS) effects of GEs in determining prosperity or stagnation across countries. This study provides cross-country evidences and related mechanisms supporting the hypothesis and conclusion that active short-term AD policies and over-estimated potential output, as argued in Orphanides (2003), were contributive to the Great Inflation.
机译:本文的重点是研究政府支出(GES)在确定各国长期通胀差异方面的效果和机制。 为此目的,我们制定理论模型和相关回归系统。 该模型允许我们了解和量化GES在各国繁荣或停滞方面的供应侧(SS)和需求方(DS)效应。 本研究提供了越野证据和相关机制,支持了主动短期广告政策和过度估计的潜在产出,如孤儿林(2003年)所说,有贡献,对巨大的通货膨胀有贡献。

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