| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2737 |
| DP2737 The Empirical Importance of Precautionary Saving | |
| Pierre-Olivier Gourinchas; Jonathan A Parker | |
| 发表日期 | 2001-03-27 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | This Paper explores the consequences of macroeconomic policy for labour market outcomes in the presence of frictions. It shows how policy may be useful in overriding frictions, as well as how it might generate adverse outcomes. The analysis looks at the main tools of macroeconomic policy and pertains to both the steady state and business cycle fluctuations. A partial-equilibrium, empirically-grounded model is used to simulate policy effects. It relies on a reduced-form VAR of the actual data to specify the effect of exogenous variables, precluding the possibility that labour market results will be affected by misspecifications in other parts of a more general macroeconomic model. The Paper shows how policy affects the natural rate of unemployment and other key outcomes, such as unemployment duration, wages, and the asset value of the job-worker match. Effects on the persistence, co-movement and volatility of the major variables along the business cycle are discussed, demonstrating how policy affects rigidity in the labour market. |
| 主题 | International Macroeconomics |
| 关键词 | Macroeconomic policy Labour market frictions Search Matching Wage bargaining Beveridge curve The natural rate of unemployment |
| URL | https://cepr.org/publications/dp2737 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531793 |
| 推荐引用方式 GB/T 7714 | Pierre-Olivier Gourinchas,Jonathan A Parker. DP2737 The Empirical Importance of Precautionary Saving. 2001. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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