WASHINGTON, July 6 (TNSRep) -- The Federal Reserve issued the following white paper (No. 2026-1439) in June 2026 by Marcos Mac Mullen entitled "Fiscal Policy, Portfolio Frictions, and International Transmission".

Here is the abstract:

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I study the international transmission of fiscal policy and its impact on the real exchange rate (RER) and net exports. I document that periods of high government debt are strongly associated with a depreciate . . .

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