English, Article, Journal or magazine article edition: Fiscal stimulus in a credit crunch: the role of wage rigidity Francesco Furlanetto

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Bookmark: http://trove.nla.gov.au/version/160176
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Fiscal stimulus in a credit crunch: the role of wage rigidity
Author
  • Francesco Furlanetto
Physical Description
  • preprint
Notes
  • In this paper we study the impact of an expansion in public spending in a credit constrained economy with sticky wages. The flexible wage version of the model implies strong expansionary effects on output and consumption but also a counterfactual increase in real wages. The introduction of sticky wages, besides being a realistic addition, solves these problems and preserves the expansionary effects on output and consumption. Moreover, once we introduce segmentation in the labor market, sticky wages are even essential to obtain expansionary effects.
  • Sticky wages, rule-of-thumb consumers, fiscal shocks, financial frictions.
  • RePEc:bno:worpap:2009_08
Language
  • English
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