About: Taking off into the Wind: Unemployment Risk and State-Dependent Government Spending Multipliers()

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Attributes	Values
type	Academic Article research paper schema:ScholarlyArticle
isDefinedBy	Covid-on-the-Web dataset
has title	Taking off into the Wind: Unemployment Risk and State-Dependent Government Spending Multipliers()
Creator	Albertini, Julien Auray, Stéphane Bouakez, Hafedh Eyquem, Aurélien
Source	Elsevier; Medline; PMC
abstract	We propose a model with involuntary unemployment, incomplete markets, and nominal rigidity, in which the effects of government spending are state-dependent. An increase in government purchases raises aggregate demand, tightens the labor market and reduces unemployment. This in turn lowers unemployment risk and thus precautionary saving, leading to a larger response of private consumption than in a model with perfect insurance. The output multiplier is further amplified through a composition effect, as the fraction of high-consumption households in total population increases in response to the spending shock. These features, along with the matching frictions in the labor market, generate significantly larger multipliers in recessions than in expansions. As the pool of job seekers is larger during downturns than during expansions, the concavity of the job-finding probability with respect to market tightness implies that an increase in government spending reduces unemployment risk more in the former case than in the latter, giving rise to countercyclical multipliers.
has issue date	2020-08-05(xsd:dateTime)
bibo:doi	10.1016/j.jmoneco.2020.07.007
bibo:pmid	32836679
has license	no-cc
sha1sum (hex)	e43616bdcefc0639533d5370b3b872bb88b77eb0
schema:url	https://doi.org/10.1016/j.jmoneco.2020.07.007
resource representing a document's title	Taking off into the Wind: Unemployment Risk and State-Dependent Government Spending Multipliers()
has PubMed Central identifier	PMC7405796
has PubMed identifier	32836679
schema:publication	J Monet Econ
resource representing a document's body	covid:e43616bdcefc0639533d5370b3b872bb88b77eb0#body_text
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