Budgetary Policy and Unemployment Dynamics in an OLG Model with Collective Bargaining
构建了一个包含资本积累和集体工资谈判的动态一般均衡模型，研究两种预算政策下失业对结构性冲击的反应，发现平衡预算下失业短期上升但就业恢复快，而不平衡预算下失业影响缓和但更持久。
We consider a dynamic general equilibrium model with capital accumulation and collective wage bargaining and investigate how unemployment responds to structural shocks under two stylised budgetary policies. Under balanced budgets, tax adjustments lead to higher unemployment on impact but enable a quick recovery of employment. By contrast, unbalanced budgets mitigate unemployment effects on impact but dynamics are more persistent due to weaker capital accumulation and future fiscal consolidations. These results are consistent with empirical evidence on a positive cross-country relationship between government borrowing and unemployment persistence.