Fiscal Consolidation and Public Wages
利用美国数据拟合新凯恩斯模型，分析公共部门工资削减对经济的影响，发现其与政府购买削减对总产出和财政平衡的影响相似，但能小幅提升私人产出，同时降低私人部门工资。
Abstract A New Keynesian model with government production, public compensation, and unemployment is fit to U.S. data to study the effects of public wage reductions. Estimation implies reductions in public wages and government goods purchases have similar effects on total output, and the fiscal balance, yet the former can raise private output slightly, while the latter does not. Exogenous public wage reductions decrease private wages. Model counterfactuals show that sufficiently rigid nominal private wages can reverse the private wage response, as the rigidity dampens the labor reallocation effect from the public to private sector that exerts downward pressure on private wages.