Labor market frictions and optimal steady-state inflation

Carlsson Mikael; Westermark Andreas

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Labor market frictions and optimal steady-state inflation

机译：劳动力市场摩擦和最佳稳态通胀

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In central theories of monetary non-neutrality, the Ramsey optimal steady-state inflation rate varies between the negative of the real interest rate and zero. This paper explores how the interaction of nominal wage and search and matching frictions affect the policy prescription. We show that adding the combination of such frictions to the canonical monetary model can generate an optimal inflation rate that is significantly positive. Specifically, for a standard U.S. calibration, we find a Ramsey optimal inflation rate of 1.16 percent per year. (C) 2016 Elsevier B.V. All rights reserved.

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《Journal of Monetary Economics》 |2016年第4期|67-79|共13页
作者
Carlsson Mikael; Westermark Andreas;
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作者单位

Uppsala Univ, UCLS, Box 513, S-75120 Uppsala, Sweden|Sveriges Riksbank, Box 513, S-75120 Uppsala, Sweden;

Sveriges Riksbank, Res Dept, S-10337 Stockholm, Sweden;

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正文语种 eng
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关键词
Optimal monetary policy; Inflation; Labor market frictions;

机译：最优货币政策;通货膨胀;劳动力市场摩擦;

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Labor market frictions and optimal steady-state inflation

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