| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27385 |
| 来源ID | Working Paper 27385 |
| Insider-Outsider Labor Markets, Hysteresis and Monetary Policy | |
| Jordi Galí | |
| 发表日期 | 2020-06-22 |
| 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 | Macroeconomics ; Consumption and Investment ; Business Cycles |
| URL | https://www.nber.org/papers/w27385 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/585058 |
| 推荐引用方式 GB/T 7714 | Jordi Galí. Insider-Outsider Labor Markets, Hysteresis and Monetary Policy. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w27385.pdf（1519KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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