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The Cyclicality of Consumption, Wages and Employment of the Public Sector in the Euro Area

Ana LamoJavier J. PérezLudger Schuknecht

出版	European Central Bank, 2007
URL	http://books.google.com.hk/books?id=RY_nMgAACAAJ&hl=&source=gbs_api

註釋

This study examines the business cycle behaviour of public consumption and its main components; the public wage bill (including compensation per employee and public employment)and intermediate consumption in the euro area aggregate, euro area countries and a group of selectednon-euro area OECD countries (Denmark, Sweden, the UK, Japan and the US). It looks acrossa large number of variables and methods, using annual data from 1960 to 2005. It finds robust evidence supporting that public consumption, wages and employment co-move with the businesscycle in a pro-cyclical manner with 1-2 year lags, notably for the euro area aggregate and euro area countries. The findings reflect mainly the correlation between cyclical developments (automatic stabilizers), but also point to the important role of pro-cyclical discretionary fiscal policies.