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Título : | Imperfect mobility of labor across sectors and fiscal transmission |
Autor : | Cardi, Olivier Restout, Romain Claeys, Peter Guenther Antoon |
Fecha de publicación : | 1-jul-2020 |
Resumen : | . Our paper investigates the sectoral effects of government spending shocks and highlights the role of labor mobility. Our VAR evidence for sixteen OECD countries reveals that a shock to government consumption by 1% of GDP increases non-traded value added by 0.7% of GDP and generates a decline in traded value added. The value added share of non-tradables rises by 0.35% of GDP, thus implying that the reallocation of resources accounts for 50% of the sectoral fiscal multiplier. Consistently, our estimates show that the non-traded sector is highly intensive in the government spending shock and experiences a labor inflow. The shift of hours worked toward the non-traded sector is, however, subject to mobility costs which vary across countries. When we explore quantitatively the sectoral effects of a shock to government consumption that is highly intensive in non-traded goods, we find that the model can replicate the magnitude of the rise in the share of non-tradables we document empirically once we allow for both labor mobility and capital installation costs. Financial openness also matters as it further biases the demand shock toward non-tradables. To account for the cross-country dispersion in the responses of sectoral shares we estimate empirically, we have to let the degree of labor mobility vary across countries. |
Descripción : | Artículos en revistas |
URI : | https://doi.org/10.1016/j.jedc.2019.103815 |
ISSN : | 0165-1889 |
Aparece en las colecciones: | Artículos |
Ficheros en este ítem:
Fichero | Descripción | Tamaño | Formato | |
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2024330122252313_24_Manuscript_Claeys (2).pdf | 2,27 MB | Adobe PDF | Visualizar/Abrir |
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