<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>1994-3733</journal-id>
<journal-title><![CDATA[Revista Perspectivas]]></journal-title>
<abbrev-journal-title><![CDATA[Perspectivas]]></abbrev-journal-title>
<issn>1994-3733</issn>
<publisher>
<publisher-name><![CDATA[Universidad Católica Boliviana San Pablo, Unidad Académica Regional Cochabamba]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S1994-37332023000200111</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[¿El Déficit Fiscal Deteriora el Tipo de Cambio Real? Evidencias por medio de un modelo de EGDE para Argentina]]></article-title>
<article-title xml:lang="en"><![CDATA[Does the Fiscal Deficit Deteriorate the Real Exchange Rate? Evidence through an EGDE model for Argentina]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Oviedo]]></surname>
<given-names><![CDATA[Jorge Mauricio]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Mamondi]]></surname>
<given-names><![CDATA[Victor Daniel]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[De La Rosa]]></surname>
<given-names><![CDATA[Adolfo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Nacional de Córdoba  ]]></institution>
<addr-line><![CDATA[Córdoba ]]></addr-line>
<country>Argentina</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad Nacional de Córdoba  ]]></institution>
<addr-line><![CDATA[Córdoba ]]></addr-line>
<country>Argentina</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Universidad Nacional de Córdoba  ]]></institution>
<addr-line><![CDATA[Córdoba ]]></addr-line>
<country>Argentina</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>11</month>
<year>2023</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>11</month>
<year>2023</year>
</pub-date>
<numero>52</numero>
<fpage>111</fpage>
<lpage>152</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.bo/scielo.php?script=sci_arttext&amp;pid=S1994-37332023000200111&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.bo/scielo.php?script=sci_abstract&amp;pid=S1994-37332023000200111&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.bo/scielo.php?script=sci_pdf&amp;pid=S1994-37332023000200111&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Acorde a los marcos teóricos estándar, como los modelos de Ciclos Reales (RBC) o las Teorías Neokeynesianas, el tipo de cambio real debería apreciarse en respuesta a un aumento en el gasto público. Sin embargo, la literatura empírica encuentra resultados mixtos. Ofrecemos una respuesta a este enigma analizando el impacto del déficit fiscal según su composición en el tipo de cambio real. Utilizando un modelo de equilibrio general dinámico y estocástico con gobierno y sector externo, cuantificamos el impacto diferencial sobre el tipo de cambio real generado por diversas fuentes de déficit fiscal: un aumento en el gasto destinado a consumo público, aumento de la inversión pública y reducción de impuestos. Calibramos y simulamos el modelo para Argentina y encontramos que el déficit fiscal originado en la reducción de impuestos mejora el tipo de cambio real mientras que el generado por un aumento del gasto deteriora el tipo de cambio real. En particular, este deterioro es más significativo cuando el gasto se destina al consumo público que cuando se destina a la inversión pública. Argumentamos que cuantificar estos efectos diferentes sobre el tipo de cambio dentro de un marco de equilibrio general estocástico dinámico es un ejercicio esencial de economía política para economías emergentes altamente dolarizadas que exhiben un mayor pass-through.  CLASIFICACIÓN JEL:  E32, E61, H62.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract According to standard theoretical frameworks, such as Real Cycles (RBC) models or NeoKeynesian Theories, the real exchange rate should appreciate in response to an increase in public spending. However, the empirical literature finds mixed results. We offer an answer to this enigma by analyzing the impact of the fiscal deficit according to its composition on the real exchange rate. Using a dynamic and stochastic general equilibrium model with the government and the external sector, we quantify the differential impact on the real exchange rate generated by various sources of fiscal deficit: an increase in spending destined for public consumption, an increase in public investment and a reduction of taxes. We calibrate and simulate the model for Argentina and find that the fiscal deficit generated by tax reduction improves the real exchange rate while that generated by an increase in spending deteriorates the real exchange rate. This deterioration is more significant when spending is allocated to public consumption than when it is allocated to public investment. We argue that quantifying these different effects on the exchange rate within a dynamic stochastic general equilibrium framework is an essential political economy exercise for highly dollarized emerging economies that exhibit greater pass-through.  JEL CLASSIFICATION:  E32, E61, H62.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Equilibrio General]]></kwd>
<kwd lng="es"><![CDATA[Gasto público. Reducción de Impuesto]]></kwd>
<kwd lng="es"><![CDATA[Tipo de Cambio Real.]]></kwd>
<kwd lng="en"><![CDATA[General Equilibrium]]></kwd>
<kwd lng="en"><![CDATA[Public spending]]></kwd>
<kwd lng="en"><![CDATA[Tax Reduction]]></kwd>
<kwd lng="en"><![CDATA[Real Exchange rate]]></kwd>
</kwd-group>
</article-meta>
</front><back>
<ref-list>
<ref id="B1">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Akinci]]></surname>
<given-names><![CDATA[O.]]></given-names>
</name>
</person-group>
<source><![CDATA[A note on the estimation of the atemporal elasticity of substitution between tradable and nontradable goods]]></source>
<year>2011</year>
<publisher-name><![CDATA[Columbia University]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Auerbach]]></surname>
<given-names><![CDATA[A. J.]]></given-names>
</name>
<name>
<surname><![CDATA[Gorodnichenko]]></surname>
<given-names><![CDATA[Y]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Effects of fiscal shocks in a globalized world]]></article-title>
<source><![CDATA[IMF Economic Review]]></source>
<year>2016</year>
<volume>64</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>177-215</page-range></nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Balassa]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The purchasing-power parity doctrine: a reappraisal]]></article-title>
<source><![CDATA[Journal of Political Economy]]></source>
<year>1964</year>
<volume>72</volume>
<numero>6</numero>
<issue>6</issue>
<page-range>584-96</page-range></nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Baldi]]></surname>
<given-names><![CDATA[A. L.]]></given-names>
</name>
<name>
<surname><![CDATA[Mulder]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Impact of Exchange rate regimes on real exchange rates in South America, 1990-2002]]></article-title>
<source><![CDATA[OECD Economics Department Working Papers]]></source>
<year>2004</year>
<numero>396</numero>
<issue>396</issue>
<publisher-loc><![CDATA[Paris ]]></publisher-loc>
</nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Baxter]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[King]]></surname>
<given-names><![CDATA[R. G.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Fiscal policy in general equilibrium]]></article-title>
<source><![CDATA[The American Economic Review]]></source>
<year>1993</year>
<page-range>315-34</page-range></nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Benetrix]]></surname>
<given-names><![CDATA[A. S.]]></given-names>
</name>
<name>
<surname><![CDATA[Lane]]></surname>
<given-names><![CDATA[P. R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The impact of fiscal shocks on the Irish economy]]></article-title>
<source><![CDATA[The Economic and Social Review]]></source>
<year>2009</year>
<volume>40</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>407</page-range></nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Born]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
<name>
<surname><![CDATA[Juessen]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[Müller]]></surname>
<given-names><![CDATA[G. J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Exchange rate regimes and fiscal multipliers]]></article-title>
<source><![CDATA[Journal of Economic Dynamics and Control]]></source>
<year>2013</year>
<volume>37</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>446-65</page-range></nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Born]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
<name>
<surname><![CDATA[D&#8217;Ascanio]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[Müller]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
<name>
<surname><![CDATA[Pfeifer]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The worst of both worlds: Fiscal policy and fixed exchange rates]]></article-title>
<source><![CDATA[CESifo Working Paper]]></source>
<year>2019</year>
</nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Capello]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Grión]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
</person-group>
<source><![CDATA[Reformas Impositivas y Estabilización en un Modelo de Ciclos Reales]]></source>
<year>2003</year>
<publisher-loc><![CDATA[Mendoza ]]></publisher-loc>
<publisher-name><![CDATA[Asociación Argentina de Economía Política]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Carrera]]></surname>
<given-names><![CDATA[J. E.]]></given-names>
</name>
<name>
<surname><![CDATA[Restout]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Long run determinants of real exchange rates in Latin America]]></article-title>
<source><![CDATA[Working paper GATE]]></source>
<year>2008</year>
</nlm-citation>
</ref>
<ref id="B11">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Cavallo]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Online and official price indexes: Measuring Argentina&#8217;s inflation]]></article-title>
<source><![CDATA[Journal of Monetary Economics]]></source>
<year>2013</year>
<volume>60</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>152-65</page-range></nlm-citation>
</ref>
<ref id="B12">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Chen]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
<name>
<surname><![CDATA[Liu]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Dissecting real exchange rate fluctuations in China]]></article-title>
<source><![CDATA[Emerging Markets Finance and Trade]]></source>
<year>2018</year>
<volume>54</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>288-306</page-range></nlm-citation>
</ref>
<ref id="B13">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Corsetti]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
<name>
<surname><![CDATA[Dedola]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Leduc]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[International risk sharing and the transmission of productivity shocks]]></article-title>
<source><![CDATA[The Review of Economic Studies]]></source>
<year>2008</year>
<volume>75</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>443-73</page-range></nlm-citation>
</ref>
<ref id="B14">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Dawkins]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Srinivasan]]></surname>
<given-names><![CDATA[T. N.]]></given-names>
</name>
<name>
<surname><![CDATA[Whalley]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Calibration]]></article-title>
<source><![CDATA[Handbook of econometrics]]></source>
<year>2001</year>
<volume>5</volume>
<page-range>3653-703</page-range><publisher-name><![CDATA[Elsevier]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B15">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Della Paolera]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
<name>
<surname><![CDATA[Taylor]]></surname>
<given-names><![CDATA[A. M.]]></given-names>
</name>
</person-group>
<source><![CDATA[A new economic history of Argentina]]></source>
<year>2003</year>
<volume>1</volume>
<publisher-name><![CDATA[Cambridge University Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B16">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Edwards]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Real and monetary determinants of real exchange rate behavior: Theory and evidence from developing countries]]></article-title>
<source><![CDATA[National Bureau of Economic Research]]></source>
<year>1988</year>
</nlm-citation>
</ref>
<ref id="B17">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Edwards]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The international transmission of interest rate shocks: The Federal Reserve and emerging markets in Latin America and Asia]]></article-title>
<source><![CDATA[Journal of International Money and Finance]]></source>
<year>2010</year>
<volume>29</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>685-703</page-range></nlm-citation>
</ref>
<ref id="B18">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Edwards]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<source><![CDATA[Left behind: Latin America and the false promise of populism]]></source>
<year>2010</year>
<publisher-name><![CDATA[University of Chicago Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B19">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Edwards]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Exchange-rate policies in emerging countries: eleven empirical regularities from Latin America and East Asia]]></article-title>
<source><![CDATA[Open Economies Review]]></source>
<year>2011</year>
<volume>22</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>533-63</page-range></nlm-citation>
</ref>
<ref id="B20">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Enders]]></surname>
<given-names><![CDATA[Z.]]></given-names>
</name>
<name>
<surname><![CDATA[Müller]]></surname>
<given-names><![CDATA[G. J.]]></given-names>
</name>
<name>
<surname><![CDATA[Scholl]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[How do fiscal and technology shocks affect real exchange rates?: New evidence for the United States]]></article-title>
<source><![CDATA[Journal of International Economics]]></source>
<year>2011</year>
<volume>83</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>53-69</page-range></nlm-citation>
</ref>
<ref id="B21">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Erceg]]></surname>
<given-names><![CDATA[C. J.]]></given-names>
</name>
<name>
<surname><![CDATA[Guerrieri]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Gust]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Expansionary fiscal shocks and the US trade deficit]]></article-title>
<source><![CDATA[International Finance]]></source>
<year>2005</year>
<volume>5</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>363-97</page-range></nlm-citation>
</ref>
<ref id="B22">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Faria-e-Castro]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Fiscal policy during a pandemic]]></article-title>
<source><![CDATA[Journal of Economic Dynamics and Control]]></source>
<year>2021</year>
<volume>125</volume>
<page-range>104088</page-range></nlm-citation>
</ref>
<ref id="B23">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Forni]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Gambetti]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Government spending shocks in open economy VARs]]></article-title>
<source><![CDATA[Journal of International Economics]]></source>
<year>2016</year>
<volume>99</volume>
<page-range>68-84</page-range></nlm-citation>
</ref>
<ref id="B24">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Galstyan]]></surname>
<given-names><![CDATA[V.]]></given-names>
</name>
<name>
<surname><![CDATA[Lane]]></surname>
<given-names><![CDATA[P. R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The composition of government spending and the real exchange rate]]></article-title>
<source><![CDATA[Journal of Money, Credit and Banking]]></source>
<year>2009</year>
<volume>41</volume>
<numero>6</numero>
<issue>6</issue>
<page-range>1233-49</page-range></nlm-citation>
</ref>
<ref id="B25">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Garcia-Cicco]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Pancrazi]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Uribe]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Real business cycles in emerging countries?]]></article-title>
<source><![CDATA[American Economic Review]]></source>
<year>2010</year>
<volume>100</volume>
<numero>5</numero>
<issue>5</issue>
<page-range>2510-31</page-range></nlm-citation>
</ref>
<ref id="B26">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Greenwood]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Hercowitz]]></surname>
<given-names><![CDATA[Z.]]></given-names>
</name>
<name>
<surname><![CDATA[Huffman]]></surname>
<given-names><![CDATA[G. W.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Investment, capacity utilization, and the real business cycle]]></article-title>
<source><![CDATA[The American Economic Review]]></source>
<year>1988</year>
<page-range>402-17</page-range></nlm-citation>
</ref>
<ref id="B27">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Gregory]]></surname>
<given-names><![CDATA[A. W.]]></given-names>
</name>
<name>
<surname><![CDATA[Smith]]></surname>
<given-names><![CDATA[G. W.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Calibration as testing: inference in simulated macroeconomic models]]></article-title>
<source><![CDATA[Journal of Business &amp; Economic Statistics]]></source>
<year>1991</year>
<volume>9</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>297-303</page-range></nlm-citation>
</ref>
<ref id="B28">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Guerrieri]]></surname>
<given-names><![CDATA[V.]]></given-names>
</name>
<name>
<surname><![CDATA[Lorenzoni]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
<name>
<surname><![CDATA[Straub]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Werning]]></surname>
<given-names><![CDATA[I.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Macroeconomic implications of COVID-19: Can negative supply shocks cause demand shortages?]]></article-title>
<source><![CDATA[National Bureau of Economic Research]]></source>
<year>2020</year>
</nlm-citation>
</ref>
<ref id="B29">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Gust]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Leduc]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Sheets]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The adjustment of global external balances: Does partial exchange-rate pass-through to trade prices matter]]></article-title>
<source><![CDATA[Journal of International Economics]]></source>
<year>2009</year>
<volume>79</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>173-85</page-range></nlm-citation>
</ref>
<ref id="B30">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Hofmann]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
<name>
<surname><![CDATA[Bogdanova]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Taylor rules and monetary policy: a global &#8216;Great Deviation&#8217;?]]></article-title>
<source><![CDATA[BIS quarterly review]]></source>
<year>2012</year>
</nlm-citation>
</ref>
<ref id="B31">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ilzetzki]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Jin]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The puzzling change in the international transmission of US macroeconomic policy shocks]]></article-title>
<source><![CDATA[Journal of International Economics]]></source>
<year>2021</year>
<volume>130</volume>
<page-range>103444</page-range></nlm-citation>
</ref>
<ref id="B32">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ilzetzki]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Mendoza]]></surname>
<given-names><![CDATA[E. G.]]></given-names>
</name>
<name>
<surname><![CDATA[Vegh]]></surname>
<given-names><![CDATA[C. A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[How big (small?) are fiscal multipliers?]]></article-title>
<source><![CDATA[Journal of monetary economics]]></source>
<year>2013</year>
<volume>60</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>239-54</page-range></nlm-citation>
</ref>
<ref id="B33">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Jorgenson]]></surname>
<given-names><![CDATA[D. W.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Econometric methods for applied general equilibrium analysis]]></article-title>
<source><![CDATA[Econometrics and the Philosophy of Economics]]></source>
<year>2015</year>
<page-range>702-54</page-range><publisher-name><![CDATA[Princeton University Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B34">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Justiniano]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Preston]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Monetary policy and uncertainty in an empirical small open economy model]]></article-title>
<source><![CDATA[Journal of Applied Econometrics]]></source>
<year>2010</year>
<volume>25</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>93-128</page-range></nlm-citation>
</ref>
<ref id="B35">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kim]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Country characteristics and the effects of government consumption shocks on the current account and real exchange rate]]></article-title>
<source><![CDATA[Journal of International Economics]]></source>
<year>2015</year>
<volume>97</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>436-47</page-range></nlm-citation>
</ref>
<ref id="B36">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kim]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Roubini]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Twin deficit or twin divergence? Fiscal policy, current account, and real exchange rate in the US]]></article-title>
<source><![CDATA[Journal of International Economics]]></source>
<year>2008</year>
<volume>74</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>362-83</page-range></nlm-citation>
</ref>
<ref id="B37">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Klenow]]></surname>
<given-names><![CDATA[P. J.]]></given-names>
</name>
<name>
<surname><![CDATA[Kryvtsov]]></surname>
<given-names><![CDATA[O.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[State-dependent or time-dependent pricing: Does it matter for recent US inflation?]]></article-title>
<source><![CDATA[The Quarterly Journal of Economics]]></source>
<year>2008</year>
<volume>123</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>863-904</page-range></nlm-citation>
</ref>
<ref id="B38">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kydland]]></surname>
<given-names><![CDATA[F. E.]]></given-names>
</name>
<name>
<surname><![CDATA[Prescott]]></surname>
<given-names><![CDATA[E. C.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Time to build and aggregate fluctuations]]></article-title>
<source><![CDATA[Econometrica: Journal of the Econometric Society]]></source>
<year>1982</year>
<page-range>1345-70</page-range></nlm-citation>
</ref>
<ref id="B39">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kydland]]></surname>
<given-names><![CDATA[F. E.]]></given-names>
</name>
<name>
<surname><![CDATA[Prescott]]></surname>
<given-names><![CDATA[E. C.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The econometrics of the general equilibrium approach to business cycles]]></article-title>
<source><![CDATA[The Scandinavian Journal of Economics]]></source>
<year>1991</year>
<page-range>161-78</page-range></nlm-citation>
</ref>
<ref id="B40">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kydland]]></surname>
<given-names><![CDATA[F. E.]]></given-names>
</name>
<name>
<surname><![CDATA[Zarazaga]]></surname>
<given-names><![CDATA[C. E.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Argentina&#8217;s lost decade]]></article-title>
<source><![CDATA[Review of Economic Dynamics]]></source>
<year>2002</year>
<volume>5</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>152-65</page-range></nlm-citation>
</ref>
<ref id="B41">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Li]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Song]]></surname>
<given-names><![CDATA[Q.]]></given-names>
</name>
<name>
<surname><![CDATA[Peng]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Wu]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[COVID-19 pandemic and household liquidity constraints: Evidence from micro data]]></article-title>
<source><![CDATA[Emerging Markets Finance and Trade]]></source>
<year>2020</year>
<volume>56</volume>
<numero>15</numero>
<issue>15</issue>
<page-range>3626-34</page-range></nlm-citation>
</ref>
<ref id="B42">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[MacDonald]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Ricci]]></surname>
<given-names><![CDATA[L. A.]]></given-names>
</name>
</person-group>
<source><![CDATA[Purchasing power parity and new trade theory]]></source>
<year>2002</year>
</nlm-citation>
</ref>
<ref id="B43">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Mackowiak]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
<name>
<surname><![CDATA[Smets]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Implications of microeconomic price data for macroeconomic models]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Fuhrer]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Little]]></surname>
<given-names><![CDATA[JS]]></given-names>
</name>
<name>
<surname><![CDATA[Kodrzycki]]></surname>
<given-names><![CDATA[YK]]></given-names>
</name>
<name>
<surname><![CDATA[Olivei]]></surname>
<given-names><![CDATA[GP]]></given-names>
</name>
</person-group>
<source><![CDATA[Understanding Inflation and the Implications for Monetary Policy: A Phillips Curve Retrospective]]></source>
<year>2009</year>
<page-range>291-332</page-range><publisher-loc><![CDATA[Cambridge, Massachusetts ]]></publisher-loc>
<publisher-name><![CDATA[MIT Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B44">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[McGrattan]]></surname>
<given-names><![CDATA[E. R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The macroeconomic effects of distortionary taxation]]></article-title>
<source><![CDATA[Journal of Monetary Economics]]></source>
<year>1994</year>
<volume>33</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>573-601</page-range></nlm-citation>
</ref>
<ref id="B45">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Mendoza]]></surname>
<given-names><![CDATA[E. G.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Real business cycles in a small open economy]]></article-title>
<source><![CDATA[The American Economic Review]]></source>
<year>1991</year>
<page-range>797-818</page-range></nlm-citation>
</ref>
<ref id="B46">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Mendoza]]></surname>
<given-names><![CDATA[E. G.]]></given-names>
</name>
<name>
<surname><![CDATA[Uribe]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Devaluation risk and the business-cycle implications of exchange-rate management]]></article-title>
<source><![CDATA[Carnegie-Rochester Conference Series on Public Policy]]></source>
<year>2000</year>
<volume>53</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>239-96</page-range><publisher-loc><![CDATA[North-Holland ]]></publisher-loc>
</nlm-citation>
</ref>
<ref id="B47">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Miyamoto]]></surname>
<given-names><![CDATA[W.]]></given-names>
</name>
<name>
<surname><![CDATA[Nguyen]]></surname>
<given-names><![CDATA[T. L.]]></given-names>
</name>
<name>
<surname><![CDATA[Sheremirov]]></surname>
<given-names><![CDATA[V.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The effects of government spending on real exchange rates: Evidence from military spending panel data]]></article-title>
<source><![CDATA[Journal of International Economics]]></source>
<year>2019</year>
<volume>116</volume>
<page-range>144-57</page-range></nlm-citation>
</ref>
<ref id="B48">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Neumeyer]]></surname>
<given-names><![CDATA[P. A.]]></given-names>
</name>
<name>
<surname><![CDATA[Perri]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Business cycles in emerging economies: the role of interest rates]]></article-title>
<source><![CDATA[Journal of Monetary Economics]]></source>
<year>2005</year>
<volume>52</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>345-80</page-range></nlm-citation>
</ref>
<ref id="B49">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Monacelli]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
<name>
<surname><![CDATA[Perotti]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Fiscal policy, the real exchange rate and traded goods]]></article-title>
<source><![CDATA[The Economic Journal]]></source>
<year>2010</year>
<volume>120</volume>
<numero>544</numero>
<issue>544</issue>
<page-range>437-61</page-range></nlm-citation>
</ref>
<ref id="B50">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Obstfeld]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Rogoff]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Exchange rate dynamics redux]]></article-title>
<source><![CDATA[Journal of political economy]]></source>
<year>1995</year>
<volume>103</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>624-60</page-range></nlm-citation>
</ref>
<ref id="B51">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ravn]]></surname>
<given-names><![CDATA[M. O.]]></given-names>
</name>
<name>
<surname><![CDATA[Schmitt-Grohe]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Uribe]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Consumption, government spending, and the real exchange rate]]></article-title>
<source><![CDATA[Journal of Monetary Economics]]></source>
<year>2012</year>
<volume>59</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>215-34</page-range></nlm-citation>
</ref>
<ref id="B52">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Reinhart]]></surname>
<given-names><![CDATA[C. M.]]></given-names>
</name>
<name>
<surname><![CDATA[Vegh]]></surname>
<given-names><![CDATA[C. A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Nominal interest rates, consumption booms, and lack of credibility: A quantitative examination]]></article-title>
<source><![CDATA[Journal of Development Economics]]></source>
<year>1995</year>
<volume>46</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>357-78</page-range></nlm-citation>
</ref>
<ref id="B53">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Reinhart]]></surname>
<given-names><![CDATA[C. M.]]></given-names>
</name>
<name>
<surname><![CDATA[Rogoff]]></surname>
<given-names><![CDATA[K. S.]]></given-names>
</name>
<name>
<surname><![CDATA[Savastano]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Debt intolerance]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Brainerd]]></surname>
<given-names><![CDATA[William]]></given-names>
</name>
<name>
<surname><![CDATA[Perry]]></surname>
<given-names><![CDATA[George]]></given-names>
</name>
</person-group>
<source><![CDATA[Brookings Papers on Economic Activity]]></source>
<year>2003</year>
</nlm-citation>
</ref>
<ref id="B54">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ricci]]></surname>
<given-names><![CDATA[L. A.]]></given-names>
</name>
<name>
<surname><![CDATA[Milesi Ferretti]]></surname>
<given-names><![CDATA[G. M.]]></given-names>
</name>
<name>
<surname><![CDATA[Lee]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Real exchange rates and fundamentals: a cross country perspective]]></article-title>
<source><![CDATA[Journal of Money, Credit and Banking]]></source>
<year>2013</year>
<volume>45</volume>
<numero>5</numero>
<issue>5</issue>
<page-range>845-65</page-range></nlm-citation>
</ref>
<ref id="B55">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Rodrik]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The real exchange rate and economic growth]]></article-title>
<source><![CDATA[Brookings papers on economic activity]]></source>
<year>2008</year>
<volume>2008</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>365-412</page-range></nlm-citation>
</ref>
<ref id="B56">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Schmitt-Grohe]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Uribe]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Stabilization policy and the costs of dollarization]]></article-title>
<source><![CDATA[Journal of Money, Credit, and Banking]]></source>
<year>2001</year>
<volume>33</volume>
<page-range>482-509</page-range></nlm-citation>
</ref>
<ref id="B57">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Schmitt-Grohe]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Uribe]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Closing small open economy models]]></article-title>
<source><![CDATA[Journal of International Economics]]></source>
<year>2003</year>
<volume>61</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>163-85</page-range></nlm-citation>
</ref>
<ref id="B58">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Solow]]></surname>
<given-names><![CDATA[R. M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A contribution to the theory of economic growth]]></article-title>
<source><![CDATA[The quarterly journal of economics]]></source>
<year>1956</year>
<volume>70</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>65-94</page-range></nlm-citation>
</ref>
<ref id="B59">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Stock]]></surname>
<given-names><![CDATA[J. H.]]></given-names>
</name>
<name>
<surname><![CDATA[Watson]]></surname>
<given-names><![CDATA[M. W.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A simple estimator of cointegrating vectors in higher order integrated systems]]></article-title>
<source><![CDATA[Econometrica: Journal of the Econometric Society]]></source>
<year>1993</year>
<page-range>783-820</page-range></nlm-citation>
</ref>
<ref id="B60">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Taylor]]></surname>
<given-names><![CDATA[A. M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Argentina Paradox: microexplanations and macropuzzles]]></article-title>
<source><![CDATA[Latin American Economic Review]]></source>
<year>2018</year>
<volume>27</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>1-17</page-range></nlm-citation>
</ref>
<ref id="B61">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Taylor]]></surname>
<given-names><![CDATA[J. B.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Inflation targeting in high inflation emerging economies: Lessons about rules and instruments]]></article-title>
<source><![CDATA[Journal of Applied Economics]]></source>
<year>2019</year>
<volume>22</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>103-16</page-range></nlm-citation>
</ref>
<ref id="B62">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Uribe]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Exchange-rate-based inflation stabilization: the initial real effects of credible plans]]></article-title>
<source><![CDATA[Journal of Monetary Economics]]></source>
<year>1997</year>
<volume>39</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>197-221</page-range></nlm-citation>
</ref>
<ref id="B63">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Uribe]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Yue]]></surname>
<given-names><![CDATA[V. Z.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Country spreads and emerging countries: Who drives whom?]]></article-title>
<source><![CDATA[Journal of International Economics]]></source>
<year>2006</year>
<volume>69</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>6-36</page-range></nlm-citation>
</ref>
</ref-list>
</back>
</article>
