| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12310 |
| DP12310 Fiscal Consolidations in a Low Inflation Environment:Pay cuts versus Lost Jobs | |
| Evi Pappa | |
| 发表日期 | 2017-09-18 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | We construct a model of a monetary union to study fiscal consolidation in the Periphery of the Euro area, through cuts in public sector wages or hiring when the nominal interest rate is constrained at its lower bound. Consolidation induces a posi- tive wealth effect that increases demand, as well as a reallocation of workers towards the private sector, which together boost private activity. However, in a low inflation environment, demand is suppressed and the private sector is not able to absorb the additional workers. Comparing the two instruments, cuts in public hiring increase un- employment persistently in this environment, while wage cuts can reduce it. Regions with higher mobility of labor between the two sectors are able to consolidate more effectively. Price flexibility is also key at the zero lower bound: for a higher degree of price rigidity in the Periphery, consolidation becomes harder to achieve. Consolidations can be self-defeating when the public good is productive. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Fiscal consolidation Public wage bill Zero lower bound |
| URL | https://cepr.org/publications/dp12310 |
| 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/541120 |
| 推荐引用方式 GB/T 7714 | Evi Pappa. DP12310 Fiscal Consolidations in a Low Inflation Environment:Pay cuts versus Lost Jobs. 2017. |
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