Labor market friction, nominal wage rigidities, and monetary policy in a small open economy

Rhee Hyuk Jae; Song Jeongseok

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Labor market friction, nominal wage rigidities, and monetary policy in a small open economy

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

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摘要

We incorporate some of the essential ingredients and properties of search and matching model of unemployment into a New Keynesian small open economy and study their implications for monetary policy. Three simple interest rate rules (strict Inflation Targeting, standard Taylor rule, and a modified Taylor rule) are studied. The message conveyed from this study can be viewed as twofold. First, conditional on the domestic productivity shock, a standard Taylor rule is welfare enhancing. Conditional on the foreign income shock, however, welfare losses is minimized under the strict inflation targeting rule. Second, the modified Taylor rules that respond to unemployment rate rather than output is second-best for both domestic technology and foreign income shocks. Therefore, it can be argued that stabilizing unemployment rate rather than output could be the better if policy-maker is uncertain about the types of shocks.

机译：我们将搜索的基本要素和性质以及失业的匹配模型纳入新凯恩斯小开放经济中，并研究它们对货币政策的影响。研究了三个简单的利率规则（严格的通胀目标定位，标准泰勒规则和修正泰勒规则）。这项研究传达的信息可以看作是双重的。首先，以国内生产力冲击为条件，泰勒标准规则是提高福利。但是，以外国收入冲击为条件，在严格的通胀目标规则下，福利损失可以减至最小。其次，修改后的泰勒规则对失业率而不是产出做出反应，在国内技术和外国收入冲击方面都是次之。因此，可以认为，如果决策者不确定冲击的类型，那么稳定失业率而不是稳定产出可能更好。

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来源
《International Review of Economics and Finance》 |2018年第11期|140-158|共19页
作者
Rhee Hyuk Jae; Song Jeongseok;
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作者单位

Univ Windsor, Dept Econ, Windsor, ON N9B 3P4, Canada;

Chung Ang Univ, Sch Econ, 84 Heukseok Ro, Seoul 06974, South Korea;

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原文格式 PDF
正文语种 eng
中图分类
关键词
Search and matching; Unemployment; Small open economy;

机译：搜寻与匹配;失业;小开放经济;

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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。

Labor market friction, nominal wage rigidities, and monetary policy in a small open economy

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