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- ISIDORE Id: 10670/1.0c0b2b...
- hal: hal-04814694
info:eu-repo/semantics/OpenAccess
Mots-clés
PIB potentiel Okun vacancy to unemployment ratio fiscal multiplier state-dependence E - Macroeconomics and Monetary Economics/E.E2 - Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy/E.E2.E23 - Production E - Macroeconomics and Monetary Economics/E.E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook/E.E6.E62 - Fiscal Policy J - Labor and Demographic Economics/J.J6 - Mobility, Unemployment, Vacancies, and Immigrant Workers/J.J6.J63 - Turnover • Vacancies • LayoffsSujets proches
Joblessness Legislative acts Legislative enactments Acts, Legislative Enactments, Legislative Laws (Statutes)Citer ce document
Jerome Creel et al., « Okun’s Law, V/U and the fiscal multiplier », HAL SHS (Sciences de l’Homme et de la Société), ID : 10670/1.0c0b2b...
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Résumé
This paper investigates the stabilization property of fiscal policy by revisiting the notion of potential output via the use of Okun’s Law including the vacancy-to-unemployment ratio (V/U) to proxy economic slack. We propose new measures of the US fiscal stance based on observable data and transparent targets. Our results suggest that the US actually had a more conservative fiscal stance than official data indicate. This paper also examines fiscal multipliers, which are larger when V/U, rather than the unemployment rate, is used as measure of economic slack. We find that state-dependence of fiscal multipliers is as sensitive to thresholds for bad years than to the slack measure employed in Okun’s Law.
