eldorado.tu-dortmund.de/server/api/core/bitstreams/2fe21bd4-62fb-4f8a-8a2d-04fa5f0ab281/content
2010), but others pointing to the opposite result of a real appreciation (Auerbach and Gorodnichenko 2016, Benetrix and Lane 2013, Ferrara et al. 2020). Our proxy-VAR evidence strongly and robustly favors [...] spillovers of expansionary fiscal interventions (e.g, Auerbach and Gorodnichenko 2013, Faccini et al. 2016, Corsetti and Müller 2013). Our estimates in favor of positive international spillovers are broadly [...] is also pre- sented by Cacciatore and Traum (2020), Corsetti and Müller (2013) and Faccini et al. (2016). The terms of trade (or real exchange rate) response following a government demand shock appears …
