FISCAL EXPANSIONS, UNEMPLOYMENT, AND LABOR FORCE PARTICIPATION: THEORY AND EVIDENCE*
FISCAL EXPANSIONS, UNEMPLOYMENT, AND LABOR FORCE PARTICIPATION: THEORY AND EVIDENCE*
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DOI：
10.1111/j.1468-2354.2012.00717.x
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发表时间：
2012-11-01
影响因子：
1.5
通讯作者：
Pappa, Evi
中科院分区：
文献类型：
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作者：
Brueckner, Markus;Pappa, Evi
结构性VAR表明，对于许多经合组织国家来说，随着各种规格和识别方案下政府支出的增加，劳动力参与率、就业率和失业率显着增加。财政扩张也往往会提高实际工资。现有模型难以生成此类响应。我们证明，经验规律可以通过在具有匹配摩擦的标准新凯恩斯主义模型中添加两个内容来重现：（a）劳动力参与选择和（b）工人异质性。
Structural VARs indicate that for many OECD countries labor force participation, employment, and the unemployment rate significantly increase following increases in government expenditures under a variety of specifications and identification schemes. Fiscal expansions also tend to increase real wages. Existing models have difficulties in generating such responses. We show that the empirical regularities can be reproduced with two additions into a standard New Keynesian model with matching frictions: (a) a labor force participation choice and (b) workers heterogeneity.