PropertyValue
?:abstract
  • We develop a novel medium-scale DSGE model, called NORA, for fiscal policy analysis in Norway NORA contains a sheltered and exposed sector allowing us to model wage bargaining between a labor union and the exposed sector, reflecting Scandinavian wage formation institutions Wages are subject to a downward nominal wage rigidity (DNWR) Inspired by many countries\' fiscal policy responses to the Great Recession and the coronavirus pandemic, we investigate the model\'s ability to generate state-dependent fiscal multipliers We find, that both the zero lower bound on nominal interest rates and DNWR individually can account for higher fiscal multipliers during recessions In joint presence, however, the existence of DNWR reduces the multiplier at the ZLB Moreover, the DNWR significantly relaxes the paradox of toil at the ZLB We show that the state-dependency is robust to alternative assumptions about the origin of the recession, the nature of the fiscal stimulus and its financing source
?:journal
  • Economic_Modelling
?:license
  • unk
?:publication_isRelatedTo_Disease
is ?:relation_isRelatedTo_publication of
?:source
  • WHO
?:title
  • State-dependent fiscal multipliers in NORA - A DSGE model for fiscal policy analysis in Norway
?:type
?:who_covidence_id
  • #715415
?:year
  • 2020

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