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1、FiscalShocksandtheRealExchangeRate∗Agust´ınS.B´en´etrixaandPhilipR.Lanea,baIIIS,TrinityCollegeDublinbCEPRWeestimatetherealexchangerateimpactofshockstogovernmentspendingforapanelofmembercountriesoftheeuroarea.Ourkeyfindingisthattheimpactdiffersacrossdifferenttypesofgovernmentspending,with
2、shockstopublicinvestmentgeneratinglargerandmorepersistentrealappre-ciationthanshockstogovernmentconsumption.Withinthelattercategory,wealsoshowthattheimpactofshockstothewagecomponentofgovernmentconsumptionismorepersis-tentthanthatofshockstothenon-wagecomponent.Finally,wehighlightthediff
3、erentexchangerateresponsesbetweenthisgroupandagroupofcountrieswithfloatingexchangerates.JELCodes:E62,F31.1.IntroductionTheaimofthispaperistostudytheeffectsofgovernmentspendingshocksontherealexchangerateinmembercountriesoftheeuroarea.Ourstudyismotivatedbyseveralfactors.First,fromapolicyp
4、erspective,itisimportanttounderstandtheimpactoffiscalshocksontherealexchangerate.Forinstance,iffiscalexpansioninducesrealappreciation,itmaycontributetocompetitivenessproblems∗Wethankthereferees,RoelBeetsma,MarcelFratzscher,DavideFurceri,MassimoGiuliodori,andPatrickHonohan.Wealsothankthe
5、participantsoftheUniversityofBirmingham’sMacroeconomics/Econometricsconference,the2009SocietyforEconomicDynamics(SED)conference,BancodeEspa˜naconferenceon“InteractionsbetweenMonetaryandFiscalPolicies,”the5thAnnualCEPRMGIworkshop,the2010RoyalEconomicSocietyconference,andseminarsattheFe
6、deralReserveBankofNewYorkandtheLondonBusinessSchoolforhelpfulcomments.ThispaperispartofanIRCHSS-sponsoredresearchprojecton“AnAnalysisoftheImpactofEuropeanMonetaryUniononIrishMacroeconomicPolicy.”12InternationalJournalofCentralBankingSeptember2013thatarehardtoreverseinsideamonetaryunio
7、n(Lane2010).Inrelatedfashion,policymakersmayalsoseektodeploynationalfis-calpolicytocorrectanexternalimbalanceinsideamonetaryunion(whateveritssource),giventheeliminationofthecurrencydevalu-ationoption.Therealexchangerateresponsealsomattersforthesectoralimpactofafiscalshockacrosstradables
8、andno
