-
作者：Sala, Luca; Soderstrom, Ulf; Trigari, Antonella
作者单位：Bocconi University; Bocconi University
摘要：We study the design of monetary policy in an estimated model with sticky prices, search and matching frictions, and staggered nominal wage bargaining. We find that the estimated natural rate of unemployment is consistent with the NBER description of the U.S. business cycle, and that the inflation/unemployment trade-off facing monetary policymakers is quantitatively important. We also show that parameter uncertainty has a limited effect on the performance or design of monetary policy, while nat...
-
作者：Schorfheide, Frank
作者单位：University of Pennsylvania
-
作者：Faia, Ester
作者单位：University of Rome Tor Vergata
-
作者：Sveen, Tommy; Weinke, Lutz
作者单位：Norges Bank; Duke University
摘要：We find that demand shocks play an important role for business-cycle fluctuations ill unemployment and job vacancies. The reason is that those shocks give a strong incentive to demand-constrained firms to adjust production and thereby labor input. Furthermore we argue that whether real wage rigidity A la Hall [2005. Employment fluctuations With equilibrium wage stickiness. American Economic Review 95, 50-65] helps explain the remaining part of the unemployment volatility Puzzle depends critica...
-
作者：Krusell, Per; Mukoyama, Toshihiko; Rogerson, Richard; Sahin, Ayseguel
作者单位：Arizona State University; Arizona State University-Tempe; National Bureau of Economic Research; National Bureau of Economic Research; Princeton University; Center for Economic & Policy Research (CEPR); University of Virginia; Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：We study the impact of tax and transfer programs on steady-state allocations in a model with search frictions, an operative labor supply margin, and incomplete markets. In a benchmark model that has indivisible labor and incomplete markets but no trading frictions we show that the aggregate effects of taxes are identical to those in the economy with employment lotteries, though individual employment and asset dynamics can be different. The effect of frictions oil the response of aggregate hour...
-
作者：Rotemberg, Julio J.
作者单位：Harvard University
-
作者：Hall, Robert E.
作者单位：Stanford University; National Bureau of Economic Research; Stanford University
-
作者：Thomas, Carlos
作者单位：Banco de Espana
摘要：A recent literature has merged the New Keynesian and the search and matching frameworks, which has allowed the former to analyze the joint dynamics of unemployment and inflation. This paper analyzes optimal monetary policy in this kind of hybrid framework. I show that zero inflation is optimal when all wages are Nash bargained in every period and the economy's steady state is efficient. In the more realistic case in which nominal wage bargaining is staggered, a case against price stability ari...
-
作者：[Anonymous]
-
作者：Christoffel, Kai; Kuester, Keith
作者单位：European Central Bank; European Central Bank
摘要：Higher wages all else equal translate into higher inflation. More rigid wages imply a weaker response of inflation to shocks. This view of the wage channel is deeply entrenched in central banks' views and models of their economies. In this paper, we present a model with equilibrium unemployment which has three distinctive Properties. First, using a search and matching model with right-to-manage wage bargaining a proper wage channel obtains. Second, accounting for fixed costs associated with ma...
