Fiscal Calculus in a New Keynesian Model with Labor Market Frictions
Fiscal Calculus in a New Keynesian Model with Labor Market Frictions
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考虑劳动力市场摩擦的新凯恩斯主义模型中的财政演算
DOI：
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发表时间：
2011
期刊：
影响因子：
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通讯作者：
R. Winkler
中科院分区：
文献类型：
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作者：
Alessia Campolmi;Ester Faia;R. Winkler
在最近的金融危机之后的大衰退期间，实施了大规模的财政刺激措施，以应对劳动力市场的硬化。我们探讨了各种财政方案的有效性，在一个匹配模型，具有低效率的失业和丰富的财政部门采用扭曲的税收和政府债务。结果表明，只有针对劳动力市场的刺激措施，如招聘补贴，才能产生大的乘数。这些政策确实可以减轻劳动力市场普遍存在的拥堵外部性。各种鲁棒性检查证实了结果。校准模型中得到的结果也通过贝叶斯估计得到证实。
During the Great Recession following the recent financial crisis large fiscal stimuli were implemented to counteract labor market sclerosis. We explore the effectiveness of various fiscal packages in a matching model featuring inefficient unemployment and a rich fiscal sector employing distortionary taxation and government debt. Results show that only stimuli directed toward the labor market, such as hiring subsidies, deliver large multipliers. Those policies can, indeed, abate the congestion externality, pervasive in the labor market. Various robustness checks confirm the results. The results obtained in the calibrated model are also confirmed through Bayesian estimation.