A New Keynesian model with government production, public compensation, and unemployment is fit to U.S. data to study the effects of public wage reductions. Estimation implies reductions in public wages and government goods purchases have similar effects on total output, and the fiscal balance, yet the former can raise private output slightly, while the latter does not. Exogenous public wage reductions decrease private wages. Model counterfactuals show that sufficiently rigid nominal private wages can reverse the private wage response, as the rigidity dampens the labor reallocation effect from the public to private sector that exerts downward pressure on private wages.

中文翻译：

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财政合并与公共工资

一种具有政府生产，公共补偿和失业率的新凯恩斯模型，适合于美国的数据，用于研究公共工资削减的影响。估计意味着减少公共工资和购买政府商品对总产出和财政收支具有相似的影响，但前者可以略微提高私人产出，而后者则没有。外生公共工资的减少会降低私人工资。模型反事实表明，足够严格的名义私人工资可以逆转私人工资的反应，因为这种刚性抑制了公共部门向私人部门的劳动力再分配效应，从而对私人工资施加了下行压力。