首页> 外文学位 >Essays on labor market rigidities, inflation persistence and monetary policy uncertainty.

【24h】

Essays on labor market rigidities, inflation persistence and monetary policy uncertainty.

机译：关于劳动力市场僵化，通货膨胀持续性和货币政策不确定性的论文。

获取原文

获取原文并翻译 | 示例

页面导航

摘要
著录项
相似文献
相关主题

摘要

This dissertation studies the role played by labor market rigidities and uncertainty about the behavior of the central bank in explaining the propagation of monetary and real shocks to output and inflation. In the first essay, I examine the consequences of introducing real wage rigidities in a baseline sticky price New Keynesian model. In a calibrated exercise, I show that by introducing real wage rigidities, it becomes possible to explain the cyclical behavior of inflation and real wages with the cycle, as well as match the persistent response of output and inflation to exogenous shocks. However, real wage rigidities do not significantly affect the response of real variables to nominal shocks. From a welfare point of view, if real and nominal shocks are considered, it is optimal to introduce some degree of real wage stickiness.; In the second essay, which is joint work with Juan F. Rubio-Ramirez, we explore the capability of the model introduced in the first essay to fit the data with reasonable durations of price and wage contracts. We implement a Bayesian approach for parameter estimation and to perform a comparison with other models that incorporate only nominal rigidities. We obtain that, on average, prices are fixed for three quarters, nominal wages for five quarters, and half of the wage setters follow a real wage indexing rule of thumb. Second, when we remove real wage rigidites, the estimated parameter on price duration increases. Third, we find little evidence of backward looking behavior in price inflation. Finally, our model explains data best.; In the third essay, I study the dynamics of a sticky price model when the private sector does not have perfect knowledge about the monetary policy rule. The private sector learns the coefficients of the new Taylor rule using available data and discounted least squares. When the private sector underestimates the policy rule, the central bank needs to act more aggressively, because inflation and output are too volatile. As a consequence, the output costs of bringing inflation back to target may be higher than when a tough monetary policy rule is known with certainty.

机译：本文研究了劳动力市场的刚性和中央银行行为的不确定性在解释货币和实际冲击对产出和通货膨胀的传播方面所起的作用。在第一篇文章中，我研究了在基准粘性价格新凯恩斯模型中引入实际工资刚性的后果。在一个经过校准的练习中，我表明通过引入实际工资刚性，可以解释通货膨胀和实际工资随周期的周期性行为，并使产出和通货膨胀对外来冲击的持续响应相匹配。但是，实际工资刚性不会显着影响实际变量对名义冲击的响应。从福利的角度来看，如果考虑实际和名义上的冲击，最好引入一定程度的实际工资粘性。在与Juan F. Rubio-Ramirez共同研究的第二篇文章中，我们探索了第一篇文章中介绍的模型在合理的价格和工资合约期限内拟合数据的能力。我们采用贝叶斯方法进行参数估计，并与仅包含名义刚度的其他模型进行比较。我们得出的结论是，平均而言，价格固定为四分之三，名义工资为五分之四，一半的工资设定者遵循真实的工资指数法则。其次，当我们去除实际工资刚性时，价格持续时间的估计参数会增加。第三，我们发现很少有证据表明价格通胀具有后向行为。最后，我们的模型可以最好地解释数据。在第三篇文章中，我研究了当私营部门对货币政策规则不完全了解时的粘性价格模型的动力学。私营部门使用可用数据和折扣最小二乘法来学习新泰勒规则的系数。当私营部门低估政策规则时，中央银行需要采取更加积极的行动，因为通货膨胀和产出波动太大。结果，使通胀回到目标的产出成本可能会比确定的严格货币政策规则高。

著录项

作者
Rabanal, Pau.;
展开▼
作者单位

New York University.;

展开▼
授予单位 New York University.;
学科 Economics General.
学位 Ph.D.
年度 2002
页码 171 p.
总页数 171
原文格式 PDF
正文语种 eng
中图分类经济学;
关键词

相似文献

外文文献
中文文献
专利

1. Labor market friction, nominal wage rigidities, and monetary policy in a small open economy [J] . Rhee Hyuk Jae, Song Jeongseok International Review of Economics and Finance . 2018,第NOVa期

机译：小型开放经济体中的劳动力市场摩擦，名义工资刚性和货币政策
2. Optimal monetary policy and downward nominal wage rigidity in frictional labor markets [J] . Salem Abo-Zaid Journal of Economic Dynamics and Control . 2013,第1期

机译：摩擦性劳动力市场中的最优货币政策和名义工资刚性下降
3. Inflation persistence and monetary policy in South Africa: is the 3% to 6% inflation target too persistent? [J] . Andrew Phiri International Journal of Sustainable Economy . 2016,第2期

机译：南非的通货膨胀持久性和货币政策：3％至6％的通货膨胀目标是否过于持久？
4. The Cycle Relationship between China's Monetary Policy and Inflation——An Empirical Study Based on Monetary Condition Index [C] . ZHOU DeCai, JIANG ZhengYi, WANG HuiQing International Institute of Statistics Management Engineering Symposium . 2012

机译：中国货币政策与通货膨胀之间的周期关系-基于货币条件指数的实证研究
5. A THEORETICAL ANALYSIS OF STRUCTURAL DISEQUILIBRIUM, SECTORAL SHOCKS, AND THE DESIRABILITY OF MONETARY AND FISCAL POLICY INTERVENTIONS (INFLATION, WELFARE, WAGE RIGIDITY). [D] . AL-SAEEDE, MOTAHAR ABDALLA. 1986

机译：对结构不平衡，部门冲击以及货币和财政政策干预（通货膨胀，福利，工资刚性）的理想性的理论分析。
6. The Relationship between Inflation and Inflation Uncertainty. Empirical Evidence for the Newest EU Countries [O] . Daniela Viorica, Danut Jemna, Carmen Pintilescu, -1

机译：通货膨胀与通货膨胀不确定性之间的关系。最新欧盟国家的经验证据
7. We analyze, in this paper, a DSGE New Keynesian model with indi- visible labor where firms may belong to two different final goods producing sectors one where wages and employment are determined in competitive labor markets and the orther where wages and employment are the result of a contractual process between unions and firms. Bargaining between firms and monopoly unions implies real wage rigidity in the model and, in turn, an endogenous trade-off between output stabilization and infla- tion stabilization. We show that the negative effect of a productivity shock on inflation and the positive effect of a cost-push shock is crucially determined by the proportion of firms that belong to the competitive sec- tor. The larger is this number, the smaller are these effects. We derive a welfare based objective function as a second order Taylor approxima- tion of the expected utility of the economy's representative agent and we analyze optimal monetary policy. We show that the larger is the num- ber of firms that belong to the competitive sector, the smaller should be the response of the nominal interest rate to exogenous productivity and cost-push shocks. If we consider, however, an instrument rule where the interest rate must react to inflationary expectations, the rule is not af- fected by the structure of the labor market. The results of the model are consistent with a well known empirical regularity in macroeconomics, i.e. that employment volatility is larger than real wage volatility. [O] . Lorenza Rossi, Fabrizio Mattesini 100

机译：在本文中，我们分析了DsGE新凯恩斯主义模型，该模型具有明显的劳动力，其中企业可能属于两个不同的最终产品生产部门，其中工资和就业是在竞争性劳动力市场中确定的，而工资和就业是由工资和就业导致的。工会和公司之间的合同过程。企业和垄断联盟之间的讨价还价意味着模型中的实际工资刚性，反过来，产出稳定和通货膨胀稳定之间的内生权衡。我们表明，生产率冲击对通货膨胀的负面影响以及成本推动冲击的积极影响，主要取决于属于竞争部门的企业比例。这个数字越大，这些效果越小。我们得出一个基于福利的目标函数作为经济代理人的预期效用的二阶泰勒近似，我们分析最优货币政策。我们表明，属于竞争性行业的企业数量越大，名义利率对外生生产率和成本推动冲击的反应就越小。但是，如果我们考虑利率必须对通胀预期作出反应的工具规则，则该规则不受劳动力市场结构的影响。该模型的结果与宏观经济学中众所周知的经验规律一致，即就业波动率大于实际工资波动率。
8. Feedback between Monetary Policy, Labor Market Activity, and Wage Inflation in the U.S., 1955-1978 [R] . Geweke, J. 1981

机译：1955 - 1978年美国货币政策，劳动力市场活动与工资通胀之间的反馈

Essays on labor market rigidities, inflation persistence and monetary policy uncertainty.

摘要

著录项

相似文献

相关主题

期刊订阅