FISCAL EXPANSIONS, UNEMPLOYMENT, AND LABOR FORCE PARTICIPATION: THEORY AND EVIDENCE*
研究发现，在多个OECD国家，政府支出增加会显著提高劳动力参与率、就业率和失业率，并推高实际工资。现有模型难以解释这些现象，而通过在标准新凯恩斯模型中引入劳动力参与选择和工人异质性可以复现这些经验规律。
Structural VARs indicate that for many OECD countries labor force participation, employment, and the unemployment rate significantly increase following increases in government expenditures under a variety of specifications and identification schemes. Fiscal expansions also tend to increase real wages. Existing models have difficulties in generating such responses. We show that the empirical regularities can be reproduced with two additions into a standard New Keynesian model with matching frictions: (a) a labor force participation choice and (b) workers’ heterogeneity.