Labor Tax Reforms, Cross-Country Coordination, and the Monetary Policy Stance in the Euro Area: A Structural Model-Based Approach
通过模拟大型开放经济动态一般均衡模型，评估欧元区永久降低劳动税率的效应，发现减税刺激国内经济活动与就业，跨国协调增强效果，且宽松货币政策提升短期有效性。
We evaluate the effects of permanently reducing labor tax rates in the euro area (EA) by simulating a large-scale openeconomy dynamic general equilibrium model. The model features the EA as a monetary union, split into two regions (home and the rest of the EA, or REA), the United States, and the rest of the world, region-specific labor markets with search and matching frictions, and public employment. Our results are as follows. First, a permanent reduction in labor tax rates in the home region would have stimulating effects on domestic economic activity and employment. Second, reducing labor tax rates simultaneously in both home and REA would have additional expansionary effects on the home region. Third, the short-run macroeconomic effectiveness of the EAwide tax reduction is enhanced if the EA monetary policy is accommodating.