期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2016
出版社：European Central Bank
摘要：We empirically analyze the impact of public employment and wages' shocks onprivate labor market outcomes by studying if policies operate di erently in periods ofeconomic slack than in normal times. We use local projection methods and focus onthe Spanish and euro area aggregate cases. We nd that the degree of economic slackis key to determine: (i) if public employment crowds-out private employment, and (ii)the degree and extent of public wage inuence on the private sector.In addition, we nd that the speci c features of the economy also count. In thecase of Spain, when scal consolidation is implemented at times of economic distress,the contractionary e ects of public employment cuts appear more damaging for theeconomy than those of public wage cuts, while the opposite happens for the euro areaas a whole. These di erences are likely to be related to speci c features of the labormarkets in both cases
