Fiscal multipliers in a two-sector search and matching model:
This paper evaluates the effects of policy interventions on sectoral labour markets and the aggregate economy in a business cycle model with search and matching frictions. We extend the canonical model by including capital-skill complementarity in production, labour markets with skilled and unskille...
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| Hauptverfasser: | , , |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
München
CESifo
2015
|
| Schriftenreihe: | CESifo working paper
5197 : Category 6, Fiscal policy, macroeconomics and growth |
| Online-Zugang: | Volltext |
| Zusammenfassung: | This paper evaluates the effects of policy interventions on sectoral labour markets and the aggregate economy in a business cycle model with search and matching frictions. We extend the canonical model by including capital-skill complementarity in production, labour markets with skilled and unskilled workers and on-the-job-learning (OJL) within and across skill types. We first find that, the model does a good job at matching the cyclical properties of sectoral employment and the wage-skill premium. We next find that vacancy subsidies for skilled and unskilled jobs lead to output multipliers which are greater than unity with OJL and less than unity without OJL. In contrast, the positive output effects from cutting skilled and unskilled income taxes are close to zero. Finally, we find that the sectoral and aggregate effects of vacancy subsidies do not depend on whether they are financed via public debt or distorting taxes. |
| Beschreibung: | 1 Online-Ressource graph. Darst. |
| Format: | . - Acrobat Reader |
Internformat
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| 490 | 1 | |a CESifo working paper |v 5197 : Category 6, Fiscal policy, macroeconomics and growth | |
| 520 | 1 | |a This paper evaluates the effects of policy interventions on sectoral labour markets and the aggregate economy in a business cycle model with search and matching frictions. We extend the canonical model by including capital-skill complementarity in production, labour markets with skilled and unskilled workers and on-the-job-learning (OJL) within and across skill types. We first find that, the model does a good job at matching the cyclical properties of sectoral employment and the wage-skill premium. We next find that vacancy subsidies for skilled and unskilled jobs lead to output multipliers which are greater than unity with OJL and less than unity without OJL. In contrast, the positive output effects from cutting skilled and unskilled income taxes are close to zero. Finally, we find that the sectoral and aggregate effects of vacancy subsidies do not depend on whether they are financed via public debt or distorting taxes. | |
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| spelling | Angelopulos, Kōnstantinos Verfasser (DE-588)1054538123 aut Fiscal multipliers in a two-sector search and matching model Konstantinos Angelopoulos ; Wei Jiang ; Jim Malley München CESifo 2015 1 Online-Ressource graph. Darst. txt rdacontent c rdamedia cr rdacarrier CESifo working paper 5197 : Category 6, Fiscal policy, macroeconomics and growth This paper evaluates the effects of policy interventions on sectoral labour markets and the aggregate economy in a business cycle model with search and matching frictions. We extend the canonical model by including capital-skill complementarity in production, labour markets with skilled and unskilled workers and on-the-job-learning (OJL) within and across skill types. We first find that, the model does a good job at matching the cyclical properties of sectoral employment and the wage-skill premium. We next find that vacancy subsidies for skilled and unskilled jobs lead to output multipliers which are greater than unity with OJL and less than unity without OJL. In contrast, the positive output effects from cutting skilled and unskilled income taxes are close to zero. Finally, we find that the sectoral and aggregate effects of vacancy subsidies do not depend on whether they are financed via public debt or distorting taxes. . - Acrobat Reader Jiang, Wei Verfasser (DE-588)1016502281 aut Malley, James R. Verfasser (DE-588)113614217 aut CESifo working paper 5197 : Category 6, Fiscal policy, macroeconomics and growth (DE-604)BV014083264 5197 https://www.cesifo.org/DocDL/cesifo1_wp5197.pdf Verlag kostenfrei Volltext |
| spellingShingle | Angelopulos, Kōnstantinos Jiang, Wei Malley, James R. Fiscal multipliers in a two-sector search and matching model CESifo working paper |
| title | Fiscal multipliers in a two-sector search and matching model |
| title_auth | Fiscal multipliers in a two-sector search and matching model |
| title_exact_search | Fiscal multipliers in a two-sector search and matching model |
| title_full | Fiscal multipliers in a two-sector search and matching model Konstantinos Angelopoulos ; Wei Jiang ; Jim Malley |
| title_fullStr | Fiscal multipliers in a two-sector search and matching model Konstantinos Angelopoulos ; Wei Jiang ; Jim Malley |
| title_full_unstemmed | Fiscal multipliers in a two-sector search and matching model Konstantinos Angelopoulos ; Wei Jiang ; Jim Malley |
| title_short | Fiscal multipliers in a two-sector search and matching model |
| title_sort | fiscal multipliers in a two sector search and matching model |
| url | https://www.cesifo.org/DocDL/cesifo1_wp5197.pdf |
| volume_link | (DE-604)BV014083264 |
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