Fiscal Multipliers and the Labour Market in the Open Economy
Fiscal Multipliers and the Labour Market in the Open Economy
复制标题
开放经济中的财政乘数和劳动力市场
DOI：
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发表时间：
2010
期刊：
影响因子：
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通讯作者：
C. Merkl
中科院分区：
文献类型：
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作者：
Ester Faia;W. Lechthaler;C. Merkl
最近，一些文献评估了RBC模型和新凯恩斯主义模型中财政乘数的大小。没有一项研究考虑了一个具有摩擦力的劳动力市场的模型，而摩擦力市场是一个关键因素，特别是在大部分财政刺激措施都针对劳动力市场措施的时候。我们使用一个开放经济模型（更具体地说，一个货币区校准到欧洲货币联盟）与劳动力市场摩擦的劳动力流动成本和工人的异质性的形式来衡量财政乘数。我们计算短期和长期乘数和开放经济溢出的五种类型的财政方案：纯需求刺激和消费税削减返回非常小的乘数;所得税削减和招聘补贴提供更大的乘数，因为它们减少了劳动力市场的扭曲;短期工作（德国“Kurzarbeit”）返回负短期乘数，但稳定就业。我们的模型突出了一个新的维度，通过它乘数的运作，即劳动力需求刺激发生在一个模型与非瓦尔拉斯劳动力市场。
Several contributions have recently assessed the size of fiscal multipliers both in RBC models and New Keynesian models. None of the studies considers a model with frictional labour markets which is a crucial element, particularly at times in which much of the fiscal stimulus has been directed toward labour market measures. We use an open economy model (more specifically, a currency area calibrated to the European Monetary Union) with labour market frictions in the form of labour turnover costs and workers’ heterogeneity to measure fiscal multipliers. We compute short and long run multipliers and open economy spillovers for five types of fiscal packages: pure demand stimuli and consumption tax cuts return very small multipliers; income tax cuts and hiring subsidies deliver larger multipliers, as they reduce distortions in sclerotic labour markets; short-time work (German "Kurzarbeit") returns negative short-run multipliers, but stabilises employment. Our model highlights a novel dimension through which multipliers operate, namely the labour demand stimulus which occurs in a model with non-walrasian labour markets.