The Fiscal Stimulus of 2009-10: Trade Openness, Fiscal Space and Exchange Rate Adjustment
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Prepared for the NBER International Seminar on Macroeconomics, June 2011, Malta. We are grateful to the insightful comments of the discussants, Menzie Chinn and Francesco Giavazzi, and from Jeff Frankel, Jorge Braga de Macedo, Assaf Razin, Andy Rose and the conference participants. All errors are ours. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.