Fiscal Shocks and The Sectoral Composition of Output

Agustin S. Benetrix, IIIS, Trinity College Dublin. Philip R. Lane, IIIS, Trinity College Dublin
Authors registered in the RePEc Author Service: Philip Lane () and Agustín S. Bénétrix ()

The Institute for International Integration Studies Discussion Paper Series from IIIS

Abstract: We study the impact of shocks to different types of government spending on the composition of sectoral output for a panel of EMU member countries. We find that fiscal shocks lead to an increase in the relative size of the nontraded sector. There is typically no significant impact on the level of production in the tradables sector but the level of imports increases and the level of exports declines in most cases. Overall, the results show that fiscal shocks matter not only for aggregate variables but also for the sectoral composition of output.

Date: 2009
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