Since 2010, and in line with austerity measures, public employment and public-sector compensations to employees have been significantly reduced in most Euro Area member states and particularly in Spain and Greece. At the same time, unemployment in these two economies was greatly increasing. In a dynamic and stochastic general equilibrium (DSGE) model, we demonstrate that these cuts in public employment and wages are more damaging in terms of output and employment losses in periods of high unemployment. The model is able to produce significant state dependence of fiscal multipliers. Main results can be summarized as follows: (1) Public-sector wages shocks produce larger multipliers than public-sector employment shocks; (2) with a higher steady-state unemployment, response of non-Ricardian consumption to fiscal shocks are worse while Ricardian households consumption is better off, thanks to lower inflation following fiscal shocks and a higher marginal utility of consumption at the high-unemployment steady state; (3) a larger share of non-Ricardian households, a higher job separation rate, and a lower matching efficiency amplify fiscal multipliers; (4) a passive monetary policy increases fiscal multipliers in the case of public vacancy shocks but dampens multipliers associated with cuts in public-sector wages; and (5) fiscal multipliers are larger when demand and supply shocks hit the economy, to a greater extent in the case of a negative shock on aggregate demand.

中文翻译：

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在高失业率时期削减公共就业和工资的危害有多大？

自 2010 年以来，根据紧缩措施，大多数欧元区成员国，特别是西班牙和希腊，公共就业和公共部门对雇员的补偿已大幅减少。与此同时，这两个经济体的失业率大幅上升。在动态和随机的一般均衡中（DSGE）模型，我们证明了公共就业和工资的这些削减在高失业率时期的产出和就业损失方面更具破坏性。该模型能够产生对财政乘数的显着国家依赖性。主要结果可归纳如下： (1) 公共部门工资冲击比公共部门就业冲击产生更大的乘数；(2) 稳态失业率较高时，非李嘉图式消费对财政冲击的反应更差，而李嘉图式家庭消费状况较好，这是由于财政冲击后通胀率降低以及在高失业率稳态时消费的边际效用较高状态; （3）非李嘉图家庭比例越大，离职率越高，匹配效率越低，会放大财政乘数；(4) 在公共职位空缺冲击的情况下，被动货币政策会增加财政乘数，但会抑制与削减公共部门工资相关的乘数；（5）当需求和供给冲击经济时，财政乘数更大，在总需求受到负面冲击的情况下更大。