文献类型：期刊文献

英文题名：Sticky wages, private consumption, and Fiscal multipliers

作者：Dupor, Bill[1];Li, Jingchao[2];Li, Rong[3]

机构：[1]Fed Reserve Bank St Louis, St Louis, MO USA;[2]East China Univ Sci & Technol, Sch Business, Shanghai, Peoples R China;[3]Renmin Univ China, Sch Finance, Inst Publ Finance & Taxat, Beijing, Peoples R China

年份：2019

卷号：62

外文期刊名：JOURNAL OF MACROECONOMICS

收录：;WOS:【SSCI(收录号:WOS:000503095900024)】；

基金：The authors thank Rodrigo Guerrero for helpful research assistance. The authors also thank audience members at the 2018 North American Winter Econometric Society Meeting, the 2017 NTA Annual Meeting, the Federal Reserve System Macro Meeting, the Shanghai Macroeconomics Workshop, Shanghai Jiao Tong University, and NYU Shanghai. Jingchao Li thanks Shanghai Municipal Education Commission Research Project (Grant 2017-01-07-00-02-E00008) for research support. Rong Li thanks the financial support from National Natural Science Fundation of China No. 71973143. The analysis set forth does not reflect the views of the Federal Reserve Bank of St. Louis or the Federal Reserve System. Authors are arranged alphabetically under surnames.

语种：英文

外文关键词：Government spending; Multipliers; Sticky wages

摘要：This paper demonstrates how adding nominal wage rigidity to a standard, closed economy sticky price model can by itself create a mechanism by which increases in government spending cause increases in consumption. The increase in output arising from government purchases puts upward pressure on the price level. At a fixed short-run nominal wage, this bids down the real wage, which leads producers to increase labor demand. Increased labor demand allows households to both finance the tax bill associated with the government spending as well as increase their own consumption. Our approach does not rely upon existing ingredients for generating large fiscal multipliers, such as the zero lower bound, borrowing constrained households or an interaction between consumption and government purchases in the utility function.