| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP16876
|
| DP16876 Inclusive Monetary Policy: How Tight Labor Markets Facilitate Broad-Based Employment Growth |
| Michael Weber
|
| 发表日期 | 2022-01-10
|
| 出版年 | 2022
|
| 语种 | 英语
|
| 摘要 | This paper analyzes the heterogeneous effects of monetary policy on workers with differing levels of labor force attachment. Exploiting variation in labor market tightness across metropolitan areas, we show that the employment of populations with lower labor force attachment---Blacks, high school dropouts, and women---is more responsive to expansionary monetary policy in tighter labor markets. The effect builds up over time and is long lasting. We develop a New Keynesian model with heterogeneous workers that rationalizes these results. The model shows that expansionary monetary shocks lead to larger increases in the employment of less attached workers when the central bank follows an average inflation targeting rule and when the Phillips curve is flatter. These findings suggest that, by tightening labor markets, the Federal Reserve's recent move from a strict to an average inflation targeting framework especially benefits workers with lower labor force attachment. |
| 主题 | Monetary Economics and Fluctuations
|
| URL | https://cepr.org/publications/dp16876
|
| 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/545803
|
推荐引用方式
GB/T 7714 |
Michael Weber. DP16876 Inclusive Monetary Policy: How Tight Labor Markets Facilitate Broad-Based Employment Growth. 2022.
|
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