A fiscal stimulus and jobless recovery
Cristiano Cantore, Paul Levine, and Giovanni Melina
| Year of publication: |
2013
|
|---|---|
| Authors: | Cantore, Cristiano ; Levine, Paul ; Melina, Giovanni |
| Publisher: |
Washington, DC : IMF |
| Subject: | Finanzpolitik | Fiscal policy | CES-Produktionsfunktion | CES production function | DSGE-Modell | DSGE model |
freely available
| Extent: | Online-Ressource (52 S.) graph. Darst. |
|---|---|
| Series: | IMF working papers. - Washington, DC : IMF, ZDB-ID 2108494-4. - Vol. 13/17 |
| Type of publication: | Book / Working Paper |
| Type of publication (narrower categories): | Arbeitspapier ; Working Paper ; Graue Literatur ; Non-commercial literature |
| Language: | English |
| Notes: | "January 2013 Includes bibliographical references Systemvoraussetzungen: Acrobat Reader Cover; Contents; I. Introduction; Figures; 1 A Jobless Recovery; II. Selected Literature; A. Empirical Literature; B. Theoretical Literature; C. Jobless Recovery; III. The Model; A. Search-Match Technology; B. Households; C. Government; D. Firms; E. Wage Bargaining and Hours Worked; F. Equilibrium; G. CES Production Function and "Re-Parametrization"; H. Additional Functional Forms; IV. Parameter Choice; Tables; Table 1 Baseline Calibration; V. Results; A. Neoclassical Benchmark with Search-Match Frictions 2 A Government Spending Expansion (1% of Output, Lump-Sum Taxes, Balanced Budget) in an RBC model Augmented with Mortensen-Pissarides Matching Frictions: The Effects of Deep Habits in ConsumptionB. Deep Habits; C. CES Production Function; 3 Sensitivity of the Results to Different Values of the Elasticity of Substitution Between Capital and Labor; D. Jobless Recovery; 4 Peak Elasticity of the Unemployment Rate to Real Output Changes in Response to a Government Spending Expansion at Different Levels of the Elasticity of Substitution Between Capital and Labor; 5 A Fiscal Stimulus in a Recession VI. Concluding RemarksReferences; Appendix; A: Business Cycle Statistics; Table A.1 Business Cycle Properties of Selected Macroeconomic Series; B: Sensitivity Exercises; A. Bargaining Power; B.1 Sensitivity of Output and Unemployment Multipliers to Changes in the Firms' Bargaining Power; B. Hagedorn and Manovskii Effect; B.2 Sensitivity of Output and Unemployment Multipliers to Changes in the Magnitude of the Replacement Ratio; C. Quantitative Implications of the Choice of the Replacement Ratio and the Bargaining Power; Table B.1 The Impact of the Fiscal Stimulus in Different Scenarios D. Sensitivity to Investment Adjustment Costs and the Elasticity of Substitution Between Leisure and ConsumptionE. Debt-Financed Fiscal Policy and Distortionary Taxation; F. Sensitivity to Tax Persistence and the Tax Responsiveness to Government Debt; Table B.2 The Impact of the Fiscal Stimulus in Different Scenarios; C. The Fiscal Stimulus in a NK Extension of the Model; B.3 Sensitivity of Output and Unemployment Multipliers to the Introduction of Distortionary Taxation and Government debt; A. Introducing Sticky Prices B.4 Sensitivity of Output and Unemployment Multipliers to Changes in the Persistence of Tax InstrumentsB.5 Sensitivity of Output and Unemployment Multipliers to Changes in the Tax Responsiveness to Government Debt; B. Results; C.1 A Government Spending Expansion (1% of Output, Lump-Sum Taxes, Balanced Budget) in a Model Augmented with Mortensen-Pissarides Matching, Deep Habits and a CES Production Function: Flexible Vs. Sticky Prices; C.2 Sensitivity of Impact Responses to the Deep Habit Parameter and the Monetary Response to the Output Gap; D. Symmetric Equilibrium; E. Steady State Electronic reproduction; Available via World Wide Web |
| ISBN: | 978-1-4755-9533-8 ; 1-4755-3700-X ; 978-1-4755-3700-0 |
| Source: | ECONIS - Online Catalogue of the ZBW |
Persistent link: https://www.econbiz.de/10009707569