The Resource Fiscal policy and the labor market in a new Keynesian framework, Zsuzsa Munkacsi

Fiscal policy and the labor market in a new Keynesian framework, Zsuzsa Munkacsi

Label
Fiscal policy and the labor market in a new Keynesian framework
Title
Fiscal policy and the labor market in a new Keynesian framework
Statement of responsibility
Zsuzsa Munkacsi
Creator
Contributor
Subject
Language
eng
Summary
In the first chapter I calculate unemployment multipliers of fiscal policies. As an innovation, I include family firms in a New Keynesian model with search and matching frictions; they behave differently in the labor market and are differently managed. Based on European data I find that both at peak and cumulatively, unemployment reacts least when consolidation is done by increasing the value-added tax. However, this policy results in the steepest decline in consumption. Also, ignoring sectoral heterogeneity might lead to incorrect conclusions. Next, with Magnus Saxegaard we investigate the macroeconomic impacts of deregulating the labor and product markets. The novelty of the model, which was jointly developed with Rahul Anand and Purva Khera, is the inclusion of an underground sector in an open- economy model. It is a major determinant of the sign and the magnitude of reactions. We show that in South Africa both reforms increase long-run output, although labor market reforms are more successful in decreasing unemployment. Nevertheless, there are short-term costs; which can be mitigated reform packages. Finally, we find that it is usually better to start with a labor market reform. The last chapter focuses on southern Europe where high levels of government debt are coupled with rapid population aging. With Daniel Baksa we examine the macroeconomic effects of public old-age pension reforms and other policies under conditions of aging. As a novelty, we incorporate a shadow economy into an overlapping generations model. We find that a retirement age increase implies the lowest reduction in long-run GDP, although there are doubts about its feasibility. Impacts, in general, depend on the type of pension plan. Furthermore, when moving away from the PAYG towards a fully funded regime the pension-wage replacement rate temporarily sharply drops. The presence of informality and unemployment are important, in particular for responses of labor income tax hikes
Cataloging source
FIE
http://library.link/vocab/creatorName
Munkacsi, Zsuzsa
Date time place
Defence date: 17 June 2016
Dissertation note
Thesis (Ph. D.)--European University Institute (ECO), 2016.
Index
no index present
Literary form
non fiction
Nature of contents
theses
http://library.link/vocab/relatedWorkOrContributorName
European University Institute
Series statement
  • EUI PhD theses.
  • EUI theses
http://library.link/vocab/subjectName
  • Labor economics
  • Fiscal policy
  • Keynesian economics
Label
Fiscal policy and the labor market in a new Keynesian framework, Zsuzsa Munkacsi
Link
http://hdl.handle.net/1814/41944
Instantiates
Publication
Note
Examining Board: Professor Fabio Canova, EUI, Supervisor; Professor Alessia Campolmi, University of Verona; Professor Evi Pappa, EUI; Professor Shu-Chun Susan Yang, National Sun Yat-Sen University, Taiwan
Bibliography note
Includes bibliographical references (pages 240-246)
Control code
FIEb17853928
Dimensions
30 cm.
Extent
v, 255 pages
Other physical details
illustrations
System control number
(OCoLC)1088480140
Label
Fiscal policy and the labor market in a new Keynesian framework, Zsuzsa Munkacsi
Link
http://hdl.handle.net/1814/41944
Publication
Note
Examining Board: Professor Fabio Canova, EUI, Supervisor; Professor Alessia Campolmi, University of Verona; Professor Evi Pappa, EUI; Professor Shu-Chun Susan Yang, National Sun Yat-Sen University, Taiwan
Bibliography note
Includes bibliographical references (pages 240-246)
Control code
FIEb17853928
Dimensions
30 cm.
Extent
v, 255 pages
Other physical details
illustrations
System control number
(OCoLC)1088480140

Library Locations

    • Badia FiesolanaBorrow it
      Via dei Roccettini 9, San Domenico di Fiesole, 50014, IT
      43.803074 11.283055
Processing Feedback ...