A fiscal stimulus and jobless recovery /:
We analyse the effects of a government spending expansion in a DSGE model with Mortensen-Pissarides labour market frictions, deep habits in private and public consumption, investment adjustment costs, a constant-elasticity-of-substitution (CES) production function, and adjustments in employment both...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
[Washington, D.C.] :
International Monetary Fund,
©2013.
|
| Schriftenreihe: | IMF working paper ;
WP/13/17. |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | We analyse the effects of a government spending expansion in a DSGE model with Mortensen-Pissarides labour market frictions, deep habits in private and public consumption, investment adjustment costs, a constant-elasticity-of-substitution (CES) production function, and adjustments in employment both at the intensive as well as the extensive margin. The combination of deep habits and CES technology is crucial. The presence of deep habits magnifies the responses of macroeconomic variables to a fiscal stimulus, while an elasticity of substitution between capital and labour in the range of available estimates allows the model to produce a scenario compatible with the observed jobless recovery. |
| Beschreibung: | Title from PDF title page (IMF Web site, viewed Jan. 30, 2013). "Research Department." "January 2013." |
| Beschreibung: | 1 online resource (53 pages) |
| Bibliographie: | Includes bibliographical references. |
| ISBN: | 9781475537000 147553700X 9781475595895 1475595891 |
Internformat
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| 100 | 1 | |a Cantore, Cristiano. |0 http://id.loc.gov/authorities/names/no2013010715 | |
| 245 | 1 | 2 | |a A fiscal stimulus and jobless recovery / |c prepared by Cristiano Cantore, Paul Levine, and Giovanni Melina. |
| 260 | |a [Washington, D.C.] : |b International Monetary Fund, |c ©2013. | ||
| 300 | |a 1 online resource (53 pages) | ||
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| 490 | 1 | |a IMF working paper ; |v WP/13/17 | |
| 500 | |a Title from PDF title page (IMF Web site, viewed Jan. 30, 2013). | ||
| 520 | |a We analyse the effects of a government spending expansion in a DSGE model with Mortensen-Pissarides labour market frictions, deep habits in private and public consumption, investment adjustment costs, a constant-elasticity-of-substitution (CES) production function, and adjustments in employment both at the intensive as well as the extensive margin. The combination of deep habits and CES technology is crucial. The presence of deep habits magnifies the responses of macroeconomic variables to a fiscal stimulus, while an elasticity of substitution between capital and labour in the range of available estimates allows the model to produce a scenario compatible with the observed jobless recovery. | ||
| 504 | |a Includes bibliographical references. | ||
| 500 | |a "Research Department." | ||
| 500 | |a "January 2013." | ||
| 505 | 0 | |a 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. | |
| 505 | 8 | |a 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. | |
| 505 | 8 | |a 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. | |
| 505 | 8 | |a 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. | |
| 505 | 8 | |a 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. | |
| 650 | 0 | |a Fiscal policy |x Econometric models. | |
| 650 | 0 | |a Labor |x Econometric models. | |
| 650 | 0 | |a Unemployment |x Econometric models. | |
| 650 | 6 | |a Politique fiscale |x Modèles économétriques. | |
| 650 | 6 | |a Travail |x Modèles économétriques. | |
| 650 | 7 | |a BUSINESS & ECONOMICS |x Banks & Banking. |2 bisacsh | |
| 650 | 7 | |a Fiscal policy |x Econometric models |2 fast | |
| 650 | 7 | |a Unemployment |x Econometric models |2 fast | |
| 700 | 1 | |a Levine, Paul, |d 1944- |1 https://id.oclc.org/worldcat/entity/E39PBJkp84gfmJWkV8Mv7GqWjC |0 http://id.loc.gov/authorities/names/n92090672 | |
| 700 | 1 | |a Melina, Giovanni. | |
| 710 | 2 | |a International Monetary Fund. |b Research Department. |0 http://id.loc.gov/authorities/names/n77001219 | |
| 758 | |i has work: |a A fiscal stimulus and jobless recovery (Text) |1 https://id.oclc.org/worldcat/entity/E39PCGXrQvRyxYmHcJhDy4WQ4q |4 https://id.oclc.org/worldcat/ontology/hasWork | ||
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| adam_text | |
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| author | Cantore, Cristiano |
| author2 | Levine, Paul, 1944- Melina, Giovanni |
| author2_role | |
| author2_variant | p l pl g m gm |
| author_GND | http://id.loc.gov/authorities/names/no2013010715 http://id.loc.gov/authorities/names/n92090672 |
| author_corporate | International Monetary Fund. Research Department |
| author_corporate_role | |
| author_facet | Cantore, Cristiano Levine, Paul, 1944- Melina, Giovanni International Monetary Fund. Research Department |
| author_role | |
| author_sort | Cantore, Cristiano |
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| building | Verbundindex |
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| callnumber-first | H - Social Science |
| callnumber-label | HG3881 |
| callnumber-raw | HG3881.5.I58 W67 No. 13/17eb |
| callnumber-search | HG3881.5.I58 W67 No. 13/17eb |
| callnumber-sort | HG 43881.5 I58 W67 NO 213 217EB |
| callnumber-subject | HG - Finance |
| collection | ZDB-4-EBU |
| contents | 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. |
| ctrlnum | (OCoLC)826039354 |
| dewey-full | 332.152 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 332 - Financial economics |
| dewey-raw | 332.152 |
| dewey-search | 332.152 |
| dewey-sort | 3332.152 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| format | Electronic eBook |
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Introducing Sticky Prices.</subfield></datafield><datafield tag="505" ind1="8" ind2=" "><subfield code="a">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. 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| id | ZDB-4-EBU-ocn826039354 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-16T15:03:53Z |
| institution | BVB |
| institution_GND | http://id.loc.gov/authorities/names/n77001219 |
| isbn | 9781475537000 147553700X 9781475595895 1475595891 |
| language | English |
| oclc_num | 826039354 |
| open_access_boolean | |
| owner | MAIN DE-863 DE-BY-FWS |
| owner_facet | MAIN DE-863 DE-BY-FWS |
| physical | 1 online resource (53 pages) |
| psigel | ZDB-4-EBU |
| publishDate | 2013 |
| publishDateSearch | 2013 |
| publishDateSort | 2013 |
| publisher | International Monetary Fund, |
| record_format | marc |
| series | IMF working paper ; |
| series2 | IMF working paper ; |
| spelling | Cantore, Cristiano. http://id.loc.gov/authorities/names/no2013010715 A fiscal stimulus and jobless recovery / prepared by Cristiano Cantore, Paul Levine, and Giovanni Melina. [Washington, D.C.] : International Monetary Fund, ©2013. 1 online resource (53 pages) text txt rdacontent computer c rdamedia online resource cr rdacarrier IMF working paper ; WP/13/17 Title from PDF title page (IMF Web site, viewed Jan. 30, 2013). We analyse the effects of a government spending expansion in a DSGE model with Mortensen-Pissarides labour market frictions, deep habits in private and public consumption, investment adjustment costs, a constant-elasticity-of-substitution (CES) production function, and adjustments in employment both at the intensive as well as the extensive margin. The combination of deep habits and CES technology is crucial. The presence of deep habits magnifies the responses of macroeconomic variables to a fiscal stimulus, while an elasticity of substitution between capital and labour in the range of available estimates allows the model to produce a scenario compatible with the observed jobless recovery. Includes bibliographical references. "Research Department." "January 2013." 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. Fiscal policy Econometric models. Labor Econometric models. Unemployment Econometric models. Politique fiscale Modèles économétriques. Travail Modèles économétriques. BUSINESS & ECONOMICS Banks & Banking. bisacsh Fiscal policy Econometric models fast Unemployment Econometric models fast Levine, Paul, 1944- https://id.oclc.org/worldcat/entity/E39PBJkp84gfmJWkV8Mv7GqWjC http://id.loc.gov/authorities/names/n92090672 Melina, Giovanni. International Monetary Fund. Research Department. http://id.loc.gov/authorities/names/n77001219 has work: A fiscal stimulus and jobless recovery (Text) https://id.oclc.org/worldcat/entity/E39PCGXrQvRyxYmHcJhDy4WQ4q https://id.oclc.org/worldcat/ontology/hasWork IMF working paper ; WP/13/17. http://id.loc.gov/authorities/names/no89010263 FWS01 ZDB-4-EBU FWS_PDA_EBU https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=548013 Volltext |
| spellingShingle | Cantore, Cristiano A fiscal stimulus and jobless recovery / IMF working paper ; 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. Fiscal policy Econometric models. Labor Econometric models. Unemployment Econometric models. Politique fiscale Modèles économétriques. Travail Modèles économétriques. BUSINESS & ECONOMICS Banks & Banking. bisacsh Fiscal policy Econometric models fast Unemployment Econometric models fast |
| title | A fiscal stimulus and jobless recovery / |
| title_auth | A fiscal stimulus and jobless recovery / |
| title_exact_search | A fiscal stimulus and jobless recovery / |
| title_full | A fiscal stimulus and jobless recovery / prepared by Cristiano Cantore, Paul Levine, and Giovanni Melina. |
| title_fullStr | A fiscal stimulus and jobless recovery / prepared by Cristiano Cantore, Paul Levine, and Giovanni Melina. |
| title_full_unstemmed | A fiscal stimulus and jobless recovery / prepared by Cristiano Cantore, Paul Levine, and Giovanni Melina. |
| title_short | A fiscal stimulus and jobless recovery / |
| title_sort | fiscal stimulus and jobless recovery |
| topic | Fiscal policy Econometric models. Labor Econometric models. Unemployment Econometric models. Politique fiscale Modèles économétriques. Travail Modèles économétriques. BUSINESS & ECONOMICS Banks & Banking. bisacsh Fiscal policy Econometric models fast Unemployment Econometric models fast |
| topic_facet | Fiscal policy Econometric models. Labor Econometric models. Unemployment Econometric models. Politique fiscale Modèles économétriques. Travail Modèles économétriques. BUSINESS & ECONOMICS Banks & Banking. Fiscal policy Econometric models Unemployment Econometric models |
| url | https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=548013 |
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