Welfare-Based Optimal Monetary Policy with Unemployment and Sticky Prices: A Linear-Quadratic Framework

被引：51

作者：

Ravenna, Federico ^{[1
]}

Walsh, Carl E. ^{[2
]}

机构：

[1] HEC Montreal, Inst Appl Econ, Montreal, PQ H3T 2A7, Canada

[2] Univ Calif Santa Cruz, Dept Econ, Santa Cruz, CA 95064 USA

来源：

AMERICAN ECONOMIC JOURNAL-MACROECONOMICS | 2011年 / 3卷 / 02期

关键词：

LABOR-MARKET FRICTIONS; JOB DESTRUCTION; KEYNESIAN MODEL; EQUILIBRIUM UNEMPLOYMENT; INFLATION DYNAMICS; SEARCH FRICTIONS; PHILLIPS-CURVE; WAGE; RIGIDITIES; FLUCTUATIONS;

D O I：

10.1257/mac.3.2.130

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We derive a linear-quadratic model that is consistent with sticky prices and search and matching frictions in the labor market. We show that the second-order approximation to the welfare of the representative agent depends on inflation and "gaps" that involve current and lagged unemployment. Our approximation makes explicit how welfare costs are generated by the presence of search frictions. These costs are distinct from the costs associated with relative price dispersion and fluctuations in consumption that appear in standard new Keynesian models. We show the labor market structure has important implications for optimal monetary policy. (JEL E24, E31, E52)

引用

页码：130 / 162

页数：33