Replication data for: A Theory of Countercyclical Government Multiplier

Principal Investigator(s):  View help for Principal Investigator(s) Pascal Michaillat

Version:  View help for Version V1

Name File Type Size Last Modified
  AEJMacro20120220_dataset 10/25/2021 02:06:PM
LICENSE.txt text/plain 14.6 KB 10/12/2019 05:55:PM

Project Citation: 

Michaillat, Pascal. Replication data for: A Theory of Countercyclical Government Multiplier. Nashville, TN: American Economic Association [publisher], 2014. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-12. https://doi.org/10.3886/E114287V1

Project Description

Summary:  View help for Summary I develop a New Keynesian model in which a type of government multiplier doubles when unemployment rises from 5 percent to 8 percent. This multiplier indicates the additional number of workers employed when one worker is hired in the public sector. Graphically, in equilibrium, an upward-sloping quasi-labor supply intersects a downward-sloping labor demand in a (employment, labor market tightness) plane. Increasing public employment stimulates labor demand, which increases tightness and therefore crowds out private employment. Critically, the quasi-labor supply is convex. Hence, when labor demand is depressed and unemployment is high, the increase in tightness and resulting crowding-out are small.

Scope of Project

Subject Terms:  View help for Subject Terms Macroeconomic data; Matlab simulations; Dynare simulations
JEL Classification:  View help for JEL Classification
      E12 General Aggregative Models: Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
      E24 Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
      E32 Business Fluctuations; Cycles
      E62 Fiscal Policy
Geographic Coverage:  View help for Geographic Coverage United States
Time Period(s):  View help for Time Period(s) 1/1947 – 12/2011
Data Type(s):  View help for Data Type(s) aggregate data

Methodology

Data Source:  View help for Data Source Bureau of Labor Statistics
Unit(s) of Observation:  View help for Unit(s) of Observation Year and month,

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V1 [2019-10-12]

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