A New Keynesian model with government production, public compensation, and unemployment is fit to U.S. data to study the macroeconomic and fiscal effects of public wage reductions. We find that accounting for the type of government spending is crucial for its macroeconomic implications. Although reductions in public wages and government purchases of goods have similar effects on total output and the fiscal balance, the former can raise private output slightly, in contrast to the substantial contractionary effects of the latter. In addition, the baseline estimation finds that exogenous public wage reductions decrease private wages. Model counterfactuals show that sufficiently rigid nominal private wages can reverse the response of private wages, as the rigidity dampens the labor reallocation effect from the public to private sector that exerts downward pressure on private wages.
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Hiding poignant heartbreak behind garish clothing and outlandish fashion, Eva hopes to never marry. Oscar is happy to never propose, but the two of them find a casual friendship growing into a strength of feeling that challenges even the most deeply rooted stubborn intentions or fears. When her presence is requested at a house party of a distant relative, she does what any outlandish woman who has stopped caring about her reputation would do: She invites Oscar to go with her. Oscar is ready to live on his own, but he needs the means to do so. When Edward has stretched his last ounce of patience, Oscar decides to spend as much time from home as possible. In that moment, he receives an invitation from his most outlandish and garish friend inviting him to attend a house party. Enjoy a sweet regency romance full of charm and lovely holiday traditions. The other books in An Easton Family Christmas include Snow and Mistletoe A Christmas Kiss Wishing on a Christmas Star Can also be found as a Vella story told in episodes called, A Regency Christmas Snow.
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