THE EFFECTS OF FISCAL SHOCKS ON EMPLOYMENT AND THE REAL WAGE*
用结构向量自回归模型研究财政冲击如何传导到劳动力市场，发现政府消费和投资冲击会同时提高实际工资和就业，而政府就业冲击的效果则因州而异。
We study the transmission of fiscal shocks in the labor market. We employ a structural VAR and base identification on the restrictions that shocks to government consumption, investment, and employment must raise output and deficits. These restrictions hold in both prototype Real Business Cycle (RBC) and New Keynesian models. Shocks to government consumption and investment increase real wages and employment contemporaneously, both at state level and in the aggregate. The dynamics in response to employment shocks are mixed: Increases in government employment raise the real wage and total employment in the aggregate. However, in one third of the states they reduce total employment.