存在劳动力市场摩擦的财政融资

IF 0.7 Q4 INDUSTRIAL RELATIONS & LABOR
Labour-England Pub Date : 2024-07-25 DOI:10.1111/labr.12280
Dennis Wesselbaum
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引用次数: 0

摘要

在本文中,我们研究了搜索和匹配摩擦(即均衡失业率)对美国财政融资决策的影响。我们建立了一个包含劳动力市场摩擦和丰富的财政工具的真实商业周期模型,并使用贝叶斯方法对美国数据中的各种财政规则规格进行了估计。最重要的是,我们发现财政规则中包含失业、产出和债务的模型最符合数据。在最符合数据的财政规则下,财政工具对产出和债务的反应与忽略失业率的规则在数量上有显著不同。除转移支付外,财政工具对周期性因素的反应更强。这些变化也影响了模型对基本非财政冲击的动态反应。
本文章由计算机程序翻译,如有差异,请以英文原文为准。

Fiscal financing with labour markets frictions

Fiscal financing with labour markets frictions

In this paper, we study the effect of search and matching frictions, i.e., equilibrium unemployment, on fiscal financing decisions in the United States. We build a Real Business Cycle model with labour market frictions and a rich set of fiscal tools and estimate the model using Bayesian methods on US data for various fiscal rule specifications. Most importantly, we find that the model with unemployment, output and debt in the fiscal rules fits the data best. Under the fiscal rule that best fits the data, the reaction of fiscal instruments to output and debt are significantly quantitatively different than a rule that ignores unemployment. Fiscal instruments react stronger to cyclical factors except transfers. These changes also affect model dynamics in response to fundamental non-fiscal shocks.

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来源期刊
Labour-England
Labour-England INDUSTRIAL RELATIONS & LABOR-
CiteScore
1.30
自引率
16.70%
发文量
25
期刊介绍: LABOUR provides a forum for analysis and debate on issues concerning labour economics and industrial relations. The Journal publishes high quality contributions which combine economic theory and statistical methodology in order to analyse behaviour, institutions and policies relevant to the labour market.
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