Does Nominal Wage Stickiness Affect Fiscal Multiplier in a Two-Agent New Keynesian Model?

Daisuke Ida, Mitsuhiro Okano
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Abstract

This study examines the effect of nominal wage stickiness on the fiscal multiplier in a two-agent new Keynesian model. We demonstrate that in the case of sticky nominal wages, an increased share of liquidity-constrained (LC) consumers decreases the money-financed (MF) fiscal multiplier. Our model shows that the fiscal multiplier under an MF regime outperforms that under a debt-financed (DF) regime. Under empirically plausible calibration, the benchmark model indicates that the MF government-spending multiplier is 1.5–3.0, whereas the DF multiplier is 0.8–1.5. We also find that an increased share of LC consumers magnifies the tax-cut multiplier in the cases of MF and DF regimes despite nominal wage stickiness.
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名义工资粘性会影响双代理新凯恩斯主义模型中的财政乘数吗?
本研究探讨了双代理新凯恩斯主义模型中名义工资粘性对财政乘数的影响。我们证明,在名义工资具有粘性的情况下,流动性受限(LC)消费者比例的增加会降低货币融资(MF)财政乘数。我们的模型表明,MF 体制下的财政乘数优于债务融资(DF)体制下的财政乘数。在经验上合理的校准下,基准模型显示货币基金型政府支出乘数为 1.5-3.0,而债务融资型乘数为 0.8-1.5。我们还发现,尽管名义工资具有粘性,但在多边基金和直接融资体制下,消费税消费者比例的增加会放大减税乘数。
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