Data and Code for: Trade Policies and Fiscal Devaluations

Principal Investigator(s):  View help for Principal Investigator(s) Andrea Prestipino, Board of Governors of the Federal Reserve System; Andrea Raffo, Board of Governors of the Federal Reserve System; Christopher Erceg, IMF

Version:  View help for Version V1

Name File Type Size Last Modified
  POLICIES_IX_VP_ER 06/23/2022 04:20:PM
  POLICIES_MU_RHO 06/23/2022 04:07:PM
  POLICIES_NER 06/23/2022 04:15:PM
  Policies_theory_part 06/23/2022 03:54:PM
  utils 09/22/2022 09:57:AM
DATA_AP.xlsx application/vnd.openxmlformats-officedocument.spreadsheetml.sheet 145.5 KB 09/22/2022 06:02:AM
DATA_for_experiments.mat application/x-matlab-data 2 KB 06/23/2022 10:40:AM
FISCAL_DATA.mat application/x-matlab-data 5.5 KB 06/23/2022 11:51:AM
Germany_Government_taxes_and_spending.xlsx application/vnd.openxmlformats-officedocument.spreadsheetml.sheet 55.1 KB 06/17/2022 12:43:PM
Labor_hours.mat application/x-matlab-data 789 bytes 06/23/2022 10:40:AM

Project Citation: 

Prestipino, Andrea, Raffo, Andrea, and Erceg, Christopher. Data and Code for: Trade Policies and Fiscal Devaluations. Nashville, TN: American Economic Association [publisher], 2025. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2025-02-03. https://doi.org/10.3886/E173502V1

Project Description

Summary:  View help for Summary
This is data and replication code for a paper.
Abstract:Fiscal devaluations—an increase in import tariffs and export subsidies (IX) or an increase in value-added taxes and payroll subsidies (VP)—have been shown to provide as much stimulus under fixed exchange rates as a currency devaluation. We find that if agents expect policies to be reversed and the tax pass-through is large, VP is contractionary and IX provides a modest boost. In our medium-scale DSGE model, both features are crucial in accounting for Germany’s underperformance in response to VP in 2007. These findings cast doubt on fiscal devaluations as a cyclical stabilization tool when monetary policy is constrained.(JEL E32, F30, H22)


Scope of Project

Subject Terms:  View help for Subject Terms simulations; data
JEL Classification:  View help for JEL Classification
      E32 Business Fluctuations; Cycles
      F30 International Finance: General
      H22 Taxation and Subsidies: Incidence
Data Type(s):  View help for Data Type(s) aggregate data; program source code


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Published Versions

V1 [2025-02-03]

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