Fiscal Consolidation and Public Wages

被引：8

作者：

Chang, Juin-Jen ^{[1
]}

Lin, Hsieh-Yu ^{[2
]}

Traum, Nora ^{[3
]}

Yang, Shu-Chun S. ^{[1
,4
]}

机构：

[1] Acad Sinica, Inst Econ, Taipei, Taiwan

[2] Tunghai Univ, Dept Econ, Taichung, Taiwan

[3] HEC Montreal, Inst Appl Econ, Montreal, PQ, Canada

[4] Int Monetary Fund, Washington, DC 20431 USA

来源：

JOURNAL OF MONEY CREDIT AND BANKING | 2021年 / 53卷 / 2-3期

关键词：

public wage; fiscal consolidation; government spending; fiscal policy; New Keynesian model; Bayesian estimation; state and local governments;

D O I：

10.1111/jmcb.12775

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

A New Keynesian model with government production, public compensation, and unemployment is fit to U.S. data to study the effects of public wage reductions. Estimation implies reductions in public wages and government goods purchases have similar effects on total output, and the fiscal balance, yet the former can raise private output slightly, while the latter does not. Exogenous public wage reductions decrease private wages. Model counterfactuals show that sufficiently rigid nominal private wages can reverse the private wage response, as the rigidity dampens the labor reallocation effect from the public to private sector that exerts downward pressure on private wages.

引用

页码：503 / 533

页数：31

共 51 条

[1] Interactions between private and public sector wages [J].