全球智库信息集成服务系统(G2TT): State Dependent Government Spending Multipliers: Downward Nominal Wage Rigidity and Sources of Business Cycle Fluctuations

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w30025
来源ID	Working Paper 30025
	State Dependent Government Spending Multipliers: Downward Nominal Wage Rigidity and Sources of Business Cycle Fluctuations
	Yoon J. Jo; Sarah Zubairy
发表日期	2022-05-09
出版年	2022
语种	英语
摘要	We consider a New Keynesian model with downward nominal wage rigidity (DNWR) and show that government spending is much more effective in stimulating output in a low-inflation recession relative to a high-inflation recession. The government spending multiplier is large when DNWR binds, but the nature of recession matters due to the opposing response of inflation. In a demand-driven recession, inflation falls, preventing real wages from falling, leading to unemployment, while inflation rises in a supply-driven recession limiting the consequences of DNWR on employment. We document supporting empirical evidence, using both historical time series data and cross-sectional data from U.S. states.
主题	Macroeconomics ; Consumption and Investment ; Business Cycles ; Fiscal Policy
URL	https://www.nber.org/papers/w30025
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/587698
推荐引用方式 GB/T 7714	Yoon J. Jo,Sarah Zubairy. State Dependent Government Spending Multipliers: Downward Nominal Wage Rigidity and Sources of Business Cycle Fluctuations. 2022.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
w30025.pdf（740KB）	智库出版物		限制开放	CC BY-NC-SA	浏览