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首页> 外文期刊>Journal of Economic Dynamics and Control >Learning about monetary policy rules when labor market search and matching frictions matter
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Learning about monetary policy rules when labor market search and matching frictions matter

机译：在劳动力市场搜寻和匹配摩擦很重要时了解货币政策规则

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摘要

This paper examines the implications of labor market search and matching frictions for determinacy and E-stability of rational expectations equilibrium (REE) in a sticky price model with interest rate policy. When labor adjustment takes place solely at the extensive margin, forecast-based policy that meets the Taylor principle is likely to induce indeterminacy and E-instability, regardless of whether it is strictly or flexibly inflation targeting. When labor adjustment takes place at both the extensive and intensive margins, the strictly inflation-forecast targeting policy remains likely to induce indeterminacy, but it generates a unique E-stable fundamental REE as long as the Taylor principle is satisfied. Therefore, the presence of search and matching frictions changes the determinacy properties of a strictly inflation-forecast targeting policy, and alters its E-stability properties when only an extensive margin is present but not when labor adjustment takes place at both margins.
机译：本文研究了在利率政策的粘性价格模型中，劳动力市场搜索和匹配摩擦对理性预期均衡（REE）的确定性和电子稳定性的影响。当仅在广泛的范围内进行劳动力调整时，符合泰勒原则的基于预测的政策可能会导致不确定性和电子不稳定，无论这是严格还是灵活的通胀目标。当劳动力调整同时在广泛的和集约的边际上进行时，严格按通胀预测的目标政策仍然可能引起不确定性，但是只要满足泰勒原理，它就会产生独特的E稳定基本REE。因此，搜索摩擦和匹配摩擦的存在改变了严格的通胀预测目标政策的确定性，并且当仅存在较大幅度的利润而没有同时在两个幅度进行劳动调整时，改变了其电子稳定性。

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