Labor Markets and Monetary Policy: A New Keynesian Model with Unemployment

被引:317
作者
Blanchard, Olivier [1 ]
Gali, Jordi [2 ,3 ]
机构
[1] MIT, Cambridge, MA 02142 USA
[2] Univ Pompeu Fabra, CREI, Barcelona GSE, Ctr Econ Policy Res, Barcelona 08005, Spain
[3] NBER, Barcelona 08005, Spain
基金
美国国家科学基金会;
关键词
EQUILIBRIUM UNEMPLOYMENT; INFLATION DYNAMICS; CYCLICAL BEHAVIOR; WAGE STICKINESS; STICKY PRICES; SEARCH; FRICTIONS; FLUCTUATIONS; VACANCIES;
D O I
10.1257/mac.2.2.1
中图分类号
F [经济];
学科分类号
02 ;
摘要
We construct a utility-based model of fluctuations with nominal rigidities and unemployment. We first show that under a standard utility specification, productivity shocks have no effect on unemployment in the constrained efficient allocation. That property is also shown to hold, despite labor market frictions, in the decentralized equilibrium under flexible prices and wages. Inefficient unemployment fluctuations arise when we introduce real-wage rigidities. As a result, in the presence of staggered price setting by firms, the central bank faces a trade-off between inflation and unemployment stabilization, which depends on labor market characteristics. We draw the implications for optimal monetary policy.
引用
收藏
页码:1 / 30
页数:30
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