This paper studies the effects of government spending under limited international capital mobility, as featured by most developing countries. While external fin
This paper studies the effects of government spending under limited international capital mobility, as featured by most developing countries. While external fin
We study the role of the exchange rate regime, reserve accumulation, and sterilization policies in the macroeconomics of aid surges. Absent sterilization, a peg
This paper reviews the theoretical and empirical literature on the effectiveness of fiscal policy. The focus is on the size of fiscal multipliers, and on the po