| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7536 |
| DP7536 Culture, Policies and Labor Market Outcomes | |
| Francesco Giavazzi; Fabio Schiantarelli; Michel Serafinelli | |
| 发表日期 | 2009-11-08 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | This paper uses a model with a continuum of equilibrium unemployment rates to explore the effectiveness of fiscal policy. The existence of multiple steady states is explained by a model of costly search and recruiting that leads to a situation of bilateral monopoly. Using this framework, I explain the current financial crisis as a shift to a high unemployment equilibrium, induced by the self-fulfilling beliefs of market participants about asset prices. Using this model, I ask two questions. 1) Can fiscal policy help us out of the crisis? 2) Is there an alternative to fiscal policy that is less costly and more effective? The answer to both questions is yes. |
| 主题 | International Macroeconomics |
| 关键词 | Financial crisis Fiscal policy Unemployment |
| URL | https://cepr.org/publications/dp7536 |
| 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/536372 |
| 推荐引用方式 GB/T 7714 | Francesco Giavazzi,Fabio Schiantarelli,Michel Serafinelli. DP7536 Culture, Policies and Labor Market Outcomes. 2009. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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