In this paper, we demonstrate that the size of the fiscal multiplier depends both on currency mismatch and home bias. Our demonstration is based on a real two-country dynamic stochastic general equilibrium model with incomplete and imperfect international financial markets, external debt and domestic financial frictions. We show that if home bias is high, the terms of trade improve following a fiscal stimulus. This reduces the private real debt burden denominated in foreign currency, decreases the external finance premium born by firms, and stimulates investment. Thus, the larger the proportion of firms’ debt denominated in foreign currency is, the higher the fiscal multiplier. In contrast, the terms of trade deteriorate when home bias is low. This increases the real debt burden and external finance premium. Hence, in this case, the fiscal multiplier decreases as the share of firms’ debt denominated in foreign currency increases.

在本文中，我们证明财政乘数的大小取决于货币错配和本国偏差。我们的论证基于一个真实的两国动态随机一般均衡模型，该模型具有不完整和不完善的国际金融市场、外债和国内金融摩擦。我们表明，如果国内偏好偏高，贸易条件会在财政刺激后改善。这减轻了以外币计价的私人实际债务负担，降低了企业承担的外部融资溢价，并刺激了投资。因此，企业外币债务比例越大，财政乘数越高。相比之下，当本国偏好较低时，贸易条件会恶化。这增加了实际债务负担和外部融资溢价。因此，在这种情况下，