Fiscal Policy and Exchange Rates in the Dornbush-Rogoff Model

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In this paper we examine the effects of an expansionary fiscal policy on the real and nominal exchange rates in a variant of the Dornbush-Rogoff model of a small open economy. We show that an unanticipated permanent increase in government spending may generate the nominal exchange rate's undershooting, overshooting, and instantaneous adjustment, depending on the structural parameters of the economy.

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