A fiscal stimulus and jobless recovery /
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| Author / Creator: | Cantore, Cristiano. |
|---|---|
| Imprint: | [Washington, D.C.] : International Monetary Fund, ©2013. |
| Description: | 1 online resource (53 pages) |
| Language: | English |
| Series: | IMF working paper ; WP/13/17 IMF working paper ; WP/13/17. |
| Subject: | |
| Format: | E-Resource Book |
| URL for this record: | http://pi.lib.uchicago.edu/1001/cat/bib/12501495 |
Table of 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.