{"id":"https://openalex.org/W4283707735","doi":"https://doi.org/10.3386/w30185","title":"Excess Savings and Twin Deficits: The Transmission of Fiscal Stimulus in Open Economies","display_name":"Excess Savings and Twin Deficits: The Transmission of Fiscal Stimulus in Open Economies","publication_year":2022,"publication_date":"2022-06-01","ids":{"openalex":"https://openalex.org/W4283707735","doi":"https://doi.org/10.3386/w30185"},"language":"en","primary_location":{"id":"doi:10.3386/w30185","doi":"https://doi.org/10.3386/w30185","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w30185","pdf_url":"https://doi.org/10.3386/w30185","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},"volume":null,"type":"report","is_traditional":false,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://doi.org/10.3386/w30185","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5013091352","display_name":"Rishabh Aggarwal","orcid":"https://orcid.org/0009-0001-7963-7770","observed_orcids":["https://orcid.org/0009-0001-7963-7770"]},"institutions":[{"id":"https://openalex.org/I1321305853","display_name":"National Bureau of Economic Research","ror":"https://ror.org/04grmx538","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1321305853"]},{"id":"https://openalex.org/I97018004","display_name":"Stanford University","ror":"https://ror.org/00f54p054","country_code":"US","type":"education","lineage":["https://openalex.org/I97018004"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Rishabh Aggarwal","raw_affiliation_strings":["Stanford University","Department of Economics Stanford University 579 Jane Stanford Way Stanford, CA 94305 and","NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Stanford University","institution_ids":["https://openalex.org/I97018004"]},{"raw_affiliation_string":"Department of Economics Stanford University 579 Jane Stanford Way Stanford, CA 94305 and","institution_ids":["https://openalex.org/I97018004"]},{"raw_affiliation_string":"NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138","institution_ids":["https://openalex.org/I1321305853"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5009833034","display_name":"Adrien Auclert","orcid":"https://orcid.org/0009-0009-6622-1440","observed_orcids":["https://orcid.org/0009-0009-6622-1440"]},"institutions":[{"id":"https://openalex.org/I111979921","display_name":"Northwestern University","ror":"https://ror.org/000e0be47","country_code":"US","type":"education","lineage":["https://openalex.org/I111979921"]},{"id":"https://openalex.org/I1321305853","display_name":"National Bureau of Economic Research","ror":"https://ror.org/04grmx538","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1321305853"]},{"id":"https://openalex.org/I97018004","display_name":"Stanford University","ror":"https://ror.org/00f54p054","country_code":"US","type":"education","lineage":["https://openalex.org/I97018004"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Adrien Auclert","raw_affiliation_strings":["Department of Economics Stanford University 579 Jane Stanford Way Stanford, CA 94305 and","Department of Economics Northwestern University 2211 Campus Drive Evanston, IL 60208 and","NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Economics Stanford University 579 Jane Stanford Way Stanford, CA 94305 and","institution_ids":["https://openalex.org/I97018004"]},{"raw_affiliation_string":"Department of Economics Northwestern University 2211 Campus Drive Evanston, IL 60208 and","institution_ids":["https://openalex.org/I111979921"]},{"raw_affiliation_string":"NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138","institution_ids":["https://openalex.org/I1321305853"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5021522360","display_name":"Matthew Rognlie","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I111979921","display_name":"Northwestern University","ror":"https://ror.org/000e0be47","country_code":"US","type":"education","lineage":["https://openalex.org/I111979921"]},{"id":"https://openalex.org/I1321305853","display_name":"National Bureau of Economic Research","ror":"https://ror.org/04grmx538","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1321305853"]},{"id":"https://openalex.org/I97018004","display_name":"Stanford University","ror":"https://ror.org/00f54p054","country_code":"US","type":"education","lineage":["https://openalex.org/I97018004"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Matthew Rognlie","raw_affiliation_strings":["Department of Economics Northwestern University 2211 Campus Drive Evanston , IL 60208 and","Department of Economics Stanford University 579 Jane Stanford Way Stanford, CA 94305 and","NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Economics Northwestern University 2211 Campus Drive Evanston , IL 60208 and","institution_ids":["https://openalex.org/I111979921"]},{"raw_affiliation_string":"Department of Economics Stanford University 579 Jane Stanford Way Stanford, CA 94305 and","institution_ids":["https://openalex.org/I97018004"]},{"raw_affiliation_string":"NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138","institution_ids":["https://openalex.org/I1321305853"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5049361598","display_name":"Ludwig Straub","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I1321305853","display_name":"National Bureau of Economic Research","ror":"https://ror.org/04grmx538","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1321305853"]},{"id":"https://openalex.org/I136199984","display_name":"Harvard University","ror":"https://ror.org/03vek6s52","country_code":"US","type":"education","lineage":["https://openalex.org/I136199984"]},{"id":"https://openalex.org/I97018004","display_name":"Stanford University","ror":"https://ror.org/00f54p054","country_code":"US","type":"education","lineage":["https://openalex.org/I97018004"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Ludwig Straub","raw_affiliation_strings":["Department of Economics Harvard University Littauer 211 Cambridge , MA 02139 and","NBER","Department of Economics Harvard University Littauer 211 Cambridge, MA 02139","Department of Economics Stanford University 579 Jane Stanford Way Stanford, CA 94305 and","NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Economics Harvard University Littauer 211 Cambridge , MA 02139 and","institution_ids":["https://openalex.org/I136199984"]},{"raw_affiliation_string":"NBER","institution_ids":["https://openalex.org/I1321305853"]},{"raw_affiliation_string":"Department of Economics Harvard University Littauer 211 Cambridge, MA 02139","institution_ids":["https://openalex.org/I136199984"]},{"raw_affiliation_string":"Department of Economics Stanford University 579 Jane Stanford Way Stanford, CA 94305 and","institution_ids":["https://openalex.org/I97018004"]},{"raw_affiliation_string":"NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138","institution_ids":["https://openalex.org/I1321305853"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":4,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":true,"cited_by_count":16,"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/T10503","display_name":"Global Financial Crisis and Policies","score":0.6298999786376953,"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"}},"topics":[{"id":"https://openalex.org/T10503","display_name":"Global Financial Crisis and Policies","score":0.6298999786376953,"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":0.21299999952316284,"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"}},{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.08590000122785568,"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"}}],"keywords":[{"id":"https://openalex.org/keywords/twin-deficits","display_name":"twin deficits","score":0.703000009059906},{"id":"https://openalex.org/keywords/excess-savings","display_name":"excess savings","score":0.8830000162124634},{"id":"https://openalex.org/keywords/fiscal-stimulus","display_name":"fiscal stimulus","score":0.7639999985694885},{"id":"https://openalex.org/keywords/public-debt","display_name":"public debt","score":0.8270000219345093},{"id":"https://openalex.org/keywords/fiscal-transfers","display_name":"fiscal transfers","score":0.7390000224113464},{"id":"https://openalex.org/keywords/current-account-deficit","display_name":"current account deficit","score":0.9399999976158142},{"id":"https://openalex.org/keywords/world-interest-rate","display_name":"international interest rates","score":0.8610000014305115},{"id":"https://openalex.org/keywords/private-wealth","display_name":"private wealth","score":0.8169999718666077},{"id":"https://openalex.org/keywords/open-economy","display_name":"open economy","score":0.5289999842643738},{"id":"https://openalex.org/keywords/heterogeneous-agents","display_name":"heterogeneous agents","score":0.6359999775886536},{"id":"https://openalex.org/keywords/balance-of-payments","display_name":"balance of payments","score":0.8539999723434448},{"id":"https://openalex.org/keywords/covid-19","display_name":"COVID-19 pandemic","score":0.9129999876022339}],"concepts":[{"id":"https://openalex.org/C2779918689","wikidata":"https://www.wikidata.org/wiki/Q3771842","display_name":"Stimulus (psychology)","level":2,"score":0.6904459595680237},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.6216898560523987},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.535758376121521},{"id":"https://openalex.org/C2778135664","wikidata":"https://www.wikidata.org/wiki/Q1929451","display_name":"Open economy","level":3,"score":0.4300919473171234},{"id":"https://openalex.org/C15744967","wikidata":"https://www.wikidata.org/wiki/Q9418","display_name":"Psychology","level":0,"score":0.20564475655555725},{"id":"https://openalex.org/C180747234","wikidata":"https://www.wikidata.org/wiki/Q23373","display_name":"Cognitive psychology","level":1,"score":0.12177351117134094},{"id":"https://openalex.org/C2776988154","wikidata":"https://www.wikidata.org/wiki/Q66100","display_name":"Exchange rate","level":2,"score":0.05961832404136658}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.3386/w30185","doi":"https://doi.org/10.3386/w30185","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w30185","pdf_url":"https://doi.org/10.3386/w30185","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},{"id":"pmh:oai:RePEc:nbr:nberwo:30185","doi":null,"is_oa":false,"landing_page_url":"http://www.nber.org/papers/w30185.pdf","pdf_url":"http://www.nber.org/papers/w30185.pdf","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":null,"raw_type":"preprint"}],"best_oa_location":{"id":"doi:10.3386/w30185","doi":"https://doi.org/10.3386/w30185","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w30185","pdf_url":"https://doi.org/10.3386/w30185","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},"sustainable_development_goals":[],"study_designs":[],"awards":[{"id":"https://openalex.org/G1889859195","display_name":"CAREER: Macroeconomic Implications of Microeconomic Heterogeneity","funder_award_id":"2042691","funder_id":"https://openalex.org/F4320306076","funder_display_name":"National Science Foundation"},{"id":"https://openalex.org/G674638365","display_name":"Heterogeneity, Household Behavior, and the Transmission of Aggregate Shocks","funder_award_id":"1851717","funder_id":"https://openalex.org/F4320306076","funder_display_name":"National Science Foundation"}],"funders":[{"id":"https://openalex.org/F4320306076","display_name":"National Science Foundation","ror":"https://ror.org/021nxhr62"}],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W4283707735.pdf","grobid_xml":"https://content.openalex.org/works/W4283707735.grobid-xml"},"referenced_works_count":71,"referenced_works":["https://openalex.org/W121859652","https://openalex.org/W1491713863","https://openalex.org/W1532170681","https://openalex.org/W1540757224","https://openalex.org/W1564926856","https://openalex.org/W1654998734","https://openalex.org/W1983368736","https://openalex.org/W2003559068","https://openalex.org/W2017880962","https://openalex.org/W2052662085","https://openalex.org/W2062649741","https://openalex.org/W2063012896","https://openalex.org/W2073525601","https://openalex.org/W2099267291","https://openalex.org/W2113791799","https://openalex.org/W2124519973","https://openalex.org/W2139824440","https://openalex.org/W2143916571","https://openalex.org/W2144521564","https://openalex.org/W2147980407","https://openalex.org/W2149530077","https://openalex.org/W2247596475","https://openalex.org/W2327950498","https://openalex.org/W2593997572","https://openalex.org/W2737345504","https://openalex.org/W2782203445","https://openalex.org/W2892228580","https://openalex.org/W2918799501","https://openalex.org/W2937235655","https://openalex.org/W2942591226","https://openalex.org/W2960470553","https://openalex.org/W2964550494","https://openalex.org/W3000492703","https://openalex.org/W3015052169","https://openalex.org/W3021164001","https://openalex.org/W3023059915","https://openalex.org/W3023275770","https://openalex.org/W3049131615","https://openalex.org/W3112500270","https://openalex.org/W3121300066","https://openalex.org/W3121466269","https://openalex.org/W3123043003","https://openalex.org/W3123711277","https://openalex.org/W3124304633","https://openalex.org/W3124405618","https://openalex.org/W3125118538","https://openalex.org/W3148423552","https://openalex.org/W3150456531","https://openalex.org/W3193879034","https://openalex.org/W3195006379","https://openalex.org/W3203532639","https://openalex.org/W4210385799","https://openalex.org/W4210665072","https://openalex.org/W4213201485","https://openalex.org/W4220916611","https://openalex.org/W4221128858","https://openalex.org/W4225413439","https://openalex.org/W4229968035","https://openalex.org/W4233515507","https://openalex.org/W4252826932","https://openalex.org/W4285719298","https://openalex.org/W4291754967","https://openalex.org/W4300392444","https://openalex.org/W4324030850","https://openalex.org/W4413196068","https://openalex.org/W6629689206","https://openalex.org/W6676464620","https://openalex.org/W6686660949","https://openalex.org/W6691885109","https://openalex.org/W6734639091","https://openalex.org/W6786992061"],"related_works":["https://openalex.org/W4402942238","https://openalex.org/W3122861183","https://openalex.org/W2954383348","https://openalex.org/W3123006933","https://openalex.org/W7071778020","https://openalex.org/W2894493352","https://openalex.org/W1956396298","https://openalex.org/W7100663229","https://openalex.org/W1921676462","https://openalex.org/W7095884724"],"abstract_inverted_index":{"We":[0],"study":[1],"the":[2,15,18,27,36,72,75,81,84],"effects":[3],"of":[4,14,74,78,83],"debt-financed":[5],"fiscal":[6,44],"transfers":[7],"in":[8,22,51],"a":[9,39,42,48,57],"general":[10],"equilibrium,":[11],"heterogeneousagent":[12],"model":[13],"world":[16,28],"economy.In":[17],"long":[19],"run,":[20,38],"increases":[21],"government":[23],"debt":[24],"anywhere":[25],"raise":[26],"interest":[29],"rate":[30],"and":[31,56],"increase":[32,50],"private":[33,52],"wealth":[34],"everywhere.In":[35],"short":[37],"country":[40],"with":[41,71],"larger-than-average":[43],"deficit":[45,63],"experiences":[46],"both":[47],"large":[49],"savings":[53],"(\"excess":[54],"savings\")":[55],"small":[58],"but":[59],"persistent":[60],"current":[61],"account":[62],"(a":[64],"slow-motion":[65],"\"twin":[66],"deficit\").These":[67],"patterns":[68],"are":[69],"consistent":[70],"evolution":[73],"world's":[76],"balance":[77],"payments":[79],"since":[80],"beginning":[82],"Covid":[85],"pandemic.":[86]},"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2024,"cited_by_count":4},{"year":2023,"cited_by_count":8},{"year":2022,"cited_by_count":2},{"year":2018,"cited_by_count":1}],"updated_date":"2026-11-04T10:54:05.112534","created_date":"2022-06-30T00:00:00"}
