Efficiency Wages, Financial Market Integration, And The Fiscal Multiplier

Topics:
Efficiency
Tags:
Efficiency Wage,
Finance,
Financial,
Financial Accounting,
Financial Market,
Integration,
Salary
Source:
Saarland University

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Overview: The authors have used a "New-open-economy macroeconomics" model featuring a labor-market friction in the form of efficiency wages to analyze the implication of financial market integration for the fiscal multiplier. The fiscal multiplier measures the accumulated effects of fiscal policy on output. Conventional wisdom based on the classic Mundell-Fleming model suggests that the fiscal multiplier should become smaller as financial markets become more integrated. This paper shows that a labor-market friction in the form of efficiency wages implies that financial market integration should increase the fiscal multiplier.

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Format: PDF | Size: 149KB | Date: Feb 2007 | Pages: 23

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