{"id":"https://openalex.org/W3123379166","doi":null,"title":"The effects of fiscal shocks on the exchange rate in Spain","display_name":"The effects of fiscal shocks on the exchange rate in Spain","publication_year":2011,"publication_date":"2011-10-01","ids":{"openalex":"https://openalex.org/W3123379166","mag":"3123379166"},"language":"en","primary_location":{"id":"mag:3123379166","doi":null,"is_oa":false,"landing_page_url":"https://econpapers.repec.org/RePEc:bde:wpaper:1121","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"RePEc: Research Papers in Economics","raw_type":null},"volume":null,"type":"preprint","is_traditional":true,"indexed_in":[],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5026697384","display_name":"Francisco de Castro Fern\u00e1ndez","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Francisco de Castro Fern\u00e1ndez","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"last","author":{"id":"https://openalex.org/A5060863541","display_name":"Laura Fern\u00e1ndez-Caballero","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Laura Fern\u00e1ndez-Caballero","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":false,"cited_by_count":0,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9082000255584717,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9082000255584717,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10503","display_name":"Global Financial Crisis and Policies","score":0.05350000038743019,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11621","display_name":"Fiscal Policies and Political Economy","score":0.023900000378489494,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/fiscal-shocks","display_name":"fiscal shocks","score":0.9980000257492065},{"id":"https://openalex.org/keywords/exchange-rates","display_name":"exchange rates","score":0.7580000162124634},{"id":"https://openalex.org/keywords/effective-exchange-rate","display_name":"effective exchange rate","score":0.7960000038146973},{"id":"https://openalex.org/keywords/public-expenditure","display_name":"government spending","score":0.8519999980926514},{"id":"https://openalex.org/keywords/real-appreciation","display_name":"real appreciation","score":0.9589999914169312},{"id":"https://openalex.org/keywords/current-account","display_name":"current account","score":0.6650000214576721},{"id":"https://openalex.org/keywords/twin-deficits","display_name":"twin deficits","score":0.7829999923706055},{"id":"https://openalex.org/keywords/public-investment","display_name":"public investment","score":0.5989999771118164},{"id":"https://openalex.org/keywords/personnel-costs","display_name":"personnel costs","score":0.9110000133514404},{"id":"https://openalex.org/keywords/output-multipliers","display_name":"output multipliers","score":0.8809999823570251},{"id":"https://openalex.org/keywords/external-competitiveness","display_name":"external competitiveness","score":0.5979999899864197},{"id":"https://openalex.org/keywords/relative-prices","display_name":"relative prices","score":0.6930000185966492},{"id":"https://openalex.org/keywords/euro-adoption","display_name":"euro adoption","score":0.5830000042915344},{"id":"https://openalex.org/keywords/spain","display_name":"Spain","score":0.39100000262260437}],"concepts":[{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.8504598140716553},{"id":"https://openalex.org/C2776988154","wikidata":"https://www.wikidata.org/wiki/Q66100","display_name":"Exchange rate","level":2,"score":0.7288500666618347},{"id":"https://openalex.org/C2781356325","wikidata":"https://www.wikidata.org/wiki/Q1929688","display_name":"Government spending","level":3,"score":0.6892275810241699},{"id":"https://openalex.org/C2781300812","wikidata":"https://www.wikidata.org/wiki/Q178061","display_name":"Shock (circulatory)","level":2,"score":0.6599136590957642},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.6065278053283691},{"id":"https://openalex.org/C524878704","wikidata":"https://www.wikidata.org/wiki/Q187021","display_name":"Fiscal policy","level":2,"score":0.58724445104599},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.5672929286956787},{"id":"https://openalex.org/C185782297","wikidata":"https://www.wikidata.org/wiki/Q2142538","display_name":"Relative price","level":2,"score":0.552756130695343},{"id":"https://openalex.org/C10688316","wikidata":"https://www.wikidata.org/wiki/Q936174","display_name":"New Keynesian economics","level":3,"score":0.5153488516807556},{"id":"https://openalex.org/C141121606","wikidata":"https://www.wikidata.org/wiki/Q8142","display_name":"Currency","level":2,"score":0.46159884333610535},{"id":"https://openalex.org/C52092804","wikidata":"https://www.wikidata.org/wiki/Q56872446","display_name":"Current account","level":3,"score":0.4231414198875427},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.42167484760284424},{"id":"https://openalex.org/C2778137410","wikidata":"https://www.wikidata.org/wiki/Q2732820","display_name":"Government (linguistics)","level":2,"score":0.41872847080230713},{"id":"https://openalex.org/C126285488","wikidata":"https://www.wikidata.org/wiki/Q178476","display_name":"Monetary policy","level":2,"score":0.3169611096382141},{"id":"https://openalex.org/C100243477","wikidata":"https://www.wikidata.org/wiki/Q12002092","display_name":"Welfare","level":2,"score":0.10002711415290833},{"id":"https://openalex.org/C71924100","wikidata":"https://www.wikidata.org/wiki/Q11190","display_name":"Medicine","level":0,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.0},{"id":"https://openalex.org/C34447519","wikidata":"https://www.wikidata.org/wiki/Q179522","display_name":"Market economy","level":1,"score":0.0},{"id":"https://openalex.org/C41895202","wikidata":"https://www.wikidata.org/wiki/Q8162","display_name":"Linguistics","level":1,"score":0.0},{"id":"https://openalex.org/C126322002","wikidata":"https://www.wikidata.org/wiki/Q11180","display_name":"Internal medicine","level":1,"score":0.0},{"id":"https://openalex.org/C94625758","wikidata":"https://www.wikidata.org/wiki/Q7163","display_name":"Politics","level":2,"score":0.0},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"mag:3123379166","doi":null,"is_oa":false,"landing_page_url":"https://econpapers.repec.org/RePEc:bde:wpaper:1121","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"RePEc: Research Papers in Economics","raw_type":null}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":0,"referenced_works":[],"related_works":["https://openalex.org/W7099054634","https://openalex.org/W2179890117","https://openalex.org/W3123547003","https://openalex.org/W3124128259","https://openalex.org/W1512589959","https://openalex.org/W2085944250","https://openalex.org/W2283503212","https://openalex.org/W3123945033","https://openalex.org/W2012841644","https://openalex.org/W2259836571"],"abstract_inverted_index":{"We":[0,23,179],"analyse":[1],"the":[2,8,14,54,57,67,82,93,99,114,149,172,194],"impact":[3,186],"of":[4,56,95,132,160],"fiscal":[5,69],"shocks":[6,70,157],"on":[7,77,185],"Spanish":[9],"effective":[10],"exchange":[11],"rate":[12],"over":[13],"period":[15],"1981-2008":[16],"using":[17],"a":[18,122,129],"standard":[19,139],"structural":[20],"VAR":[21],"framework.":[22],"show":[24,155],"that":[25,53,156],"government":[26,87],"spending":[27,88],"brings":[28],"about":[29],"positive":[30],"output":[31,181],"responses,":[32],"jointly":[33],"with":[34,113,128,148,175,200],"real":[35,38,100,169],"appreciation.":[36,101],"Such":[37],"appreciation":[39,45],"is":[40],"explained":[41],"by":[42,98],"persistent":[43],"nominal":[44],"and":[46,162,164,187],"higher":[47,176],"relative":[48,78],"prices.":[49,79],"Our":[50],"results":[51,104],"indicate":[52],"adoption":[55],"common":[58],"currency":[59],"has":[60],"not":[61,111],"implied":[62],"any":[63],"significant":[64],"change":[65],"in":[66,105,120,146,198],"way":[68],"affect":[71],"external":[72],"competitiveness":[73],"through":[74],"their":[75],"effect":[76],"In":[80],"turn,":[81],"current":[83],"account":[84],"deteriorates":[85],"when":[86],"rises":[89],"mainly":[90],"due":[91],"to":[92,158,168],"fall":[94],"exports":[96],"caused":[97],"Accordingly,":[102],"our":[103,142],"this":[106],"regard":[107],"are":[108,144,197],"largely":[109],"consistent":[110],"only":[112],"conventional":[115],"Mundell":[116],"Fleming":[117],"model":[118],"and,":[119],"general":[121],"traditional":[123],"Keynesian":[124,136],"view,":[125],"but":[126],"also":[127],"wide":[130],"set":[131],"RBC":[133],"or":[134],"New":[135],"models":[137],"under":[138],"calibrations.":[140],"Moreover,":[141],"estimations":[143],"fully":[145],"line":[147,199],"\u201ctwin":[150],"deficits\u201d":[151],"hypothesis.":[152],"Furthermore,":[153],"we":[154],"purchases":[159],"goods":[161],"services":[163],"public":[165],"investment":[166],"lead":[167],"appreciation,":[170],"whereas":[171],"opposite":[173],"happens":[174],"personnel":[177],"expenditure.":[178],"obtain":[180],"multipliers":[182],"around":[183],"0.5":[184],"slightly":[188],"above":[189],"unity":[190],"one":[191],"year":[192],"after":[193],"shock,":[195],"which":[196],"previous":[201],"empirical":[202],"evidence":[203],"regarding":[204],"some":[205],"individual":[206],"European":[207],"countries.":[208]},"counts_by_year":[],"updated_date":"2025-10-10T17:16:08.811792","created_date":"2021-02-01T00:00:00"}
