000			02695cam a22003617 4500
001			w15931
003			NBER
005			20211020111220.0
006			m o d
007			cr cnu||||||||
008			210910s2010 mau fo 000 0 eng d
100	1		_aMonacelli, Tommaso. _916958
245	1	0	_aUnemployment Fiscal Multipliers / _cTommaso Monacelli, Roberto Perotti, Antonella Trigari.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c2010.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w15931
500			_aApril 2010.
520	3		_aWe estimate the effects of fiscal policy on the labor market in US data. An increase in government spending of 1 percent of GDP generates output and unemployment multipliers respectively of about 1.2 per cent (at one year) and 0.6 percentage points (at the peak). Each percentage point increase in GDP produces an increase in employment of about 1.3 million jobs. Total hours, employment and the job finding probability all rise, whereas the separation rate falls. A standard neoclassical model augmented with search and matching frictions in the labor market largely fails in reproducing the size of the output multiplier whereas it can produce a realistic unemployment multiplier but only under a special parameterization. Extending the model to strengthen the complementarity in preferences, to include unemployment benefits, real wage rigidity and/or debt financing with distortionary taxation only worsens the picture. New Keynesian features only marginally magnify the size of the multipliers. When complementarity is coupled with price stickiness, however, the magnification effect can be large.
530			_aHardcopy version available to institutional subscribers
538			_aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538			_aMode of access: World Wide Web.
588	0		_aPrint version record
690		7	_aD91 - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making _2Journal of Economic Literature class.
690		7	_aE62 - Fiscal Policy _2Journal of Economic Literature class.
690		7	_aJ64 - Unemployment: Models, Duration, Incidence, and Job Search _2Journal of Economic Literature class.
700	1		_aPerotti, Roberto. _918429
700	1		_aTrigari, Antonella.
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w15931.
856	4	0	_uhttps://www.nber.org/papers/w15931
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w15931
942			_2ddc _cW-PAPER
999			_c332191 _d290753