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- W2248035490 abstract "This paper develops a medium-scaled dynamic, stochastic, general equilibrium (DSGE) model for fiscal policy simulations. Relative to existing models of this type, our model incorporates a two-country monetary union structure, which makes it ideally suited to simulate fiscal measures by relatively large countries in a currency area. We also provide a notable degree of disaggregation on the government expenditures side, by explicitly distinguishing between (productivity-enhancing) public investment, public purchases and the public sector wage bill. Finally, we consider a labor market characterized by search and matching frictions, which allows to analyze the response of equilibrium unemployment to fiscal measures. In order to illustrate some of its applications, and motivated by recent policy debate in the Euro Area, we calibrate the model to Spain and the rest of the area and simulate a number of fiscal consolidation scenarios. We find that fiscal consolidation is the least damaging (in terms of output and employment losses) when achieved by reducing the public sector wage bill and/or by increasing (indirect) taxation, whereas it is most damaging when carried out by cutting public investment." @default.
- W2248035490 created "2016-06-24" @default.
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- W2248035490 date "2011-01-01" @default.
- W2248035490 modified "2023-09-27" @default.
- W2248035490 title "FiMod A Model for Fiscal Policy Simulations" @default.
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