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The Redistribution RecessionHow Labor Market Distortions Contracted the Economy$
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Casey B. Mulligan

Print publication date: 2012

Print ISBN-13: 9780199942213

Published to Oxford Scholarship Online: January 2013

DOI: 10.1093/acprof:oso/9780199942213.001.0001

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Keynesian and Other Models of Safety Net Stimulus

Keynesian and Other Models of Safety Net Stimulus

Chapter:
(p.196) 7 Keynesian and Other Models of Safety Net Stimulus
Source:
The Redistribution Recession
Author(s):

Casey B. Mulligan

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199942213.003.0007

This chapter presents a couple of “Keynesian” theories of the impact of redistribution, which claim that marginal tax rates have no effect on work hours during a recession, and that work hours are stimulated by any policy that puts resources in the hands of the poor and unemployed. The chapter explains how the fundamental differences between Keynesian approaches and mine are a matter of testable assumptions, and concludes with a simple econometric framework that embeds all of them. The relevant parts of that econometric model are estimated in the next chapter.

Keywords:   slack labor market, liquidity trap, new keynesian models, zero lower bound, redistribution, economic stimulus

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