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November 7, 2023

John Kuszczak Memorial Lecture 2023

The International Monetary and Financial System: Current and Future Challenges — Address by Pierre-Olivier Gourinchas, International Monetary Fund and University of California Berkeley, with introductory remarks by Sharon Kozicki, Deputy Governor.

International Portfolio Rebalancing and Fiscal Policy Spillovers

Staff Working Paper 2023-56 Sami Alpanda, Uluc Aysun, Serdar Kabaca
We evaluate, both empirically and theoretically, the spillover effects that debt-financed fiscal policy interventions of the United States have on other economies. We consider a two-country model with international portfolio rebalancing effects. We show that US fiscal expansions would increase global long-term rates and hinder economic activity in the rest of the world.
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