| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29651 |
| 来源ID | Working Paper 29651 |
| Inclusive Monetary Policy: How Tight Labor Markets Facilitate Broad-Based Employment Growth | |
| Nittai Bergman; David A. Matsa; Michael Weber | |
| 发表日期 | 2022-01-17 |
| 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 | Macroeconomics ; Macroeconomic Models ; Consumption and Investment ; Business Cycles ; Money and Interest Rates ; Monetary Policy ; Labor Economics ; Labor Supply and Demand |
| URL | https://www.nber.org/papers/w29651 |
| 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/587325 |
| 推荐引用方式 GB/T 7714 | Nittai Bergman,David A. Matsa,Michael Weber. Inclusive Monetary Policy: How Tight Labor Markets Facilitate Broad-Based Employment Growth. 2022. |
| 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 | ||
| w29651.pdf（587KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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