| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14886 |
| DP14886 Insider-Outsider Labor Markets, Hysteresis and Monetary Policy | |
| Jordi Gali | |
| 发表日期 | 2020-06-13 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | I develop a version of the New Keynesian model with insider-outsider labor markets and hysteresis that can account for the high persistence of European unemployment. I study the implications of that environment for the design of monetary policy. The optimal policy calls for strong emphasis on (un)employment stabilization which a standard interest rate rule fails to deliver, with the gap between the two increasing in the degree of hysteresis. Two simple targetiing rules are shown to approximate well the optimal policy. The properties of the model and effects of different policies are analyzed through the lens of the labor wedge and its components. |
| 主题 | Labour Economics ; Monetary Economics and Fluctuations |
| 关键词 | Wage stickiness New keynesian model Unemployment fluctuations Wage phillips curve Monetary policy tradeoffs |
| URL | https://cepr.org/publications/dp14886 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/543825 |
| 推荐引用方式 GB/T 7714 | Jordi Gali. DP14886 Insider-Outsider Labor Markets, Hysteresis and Monetary Policy. 2020. |
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