Optimal Monetary Policy with Labor Market Frictions: The Role of the Wage Channel

TAKEKI SUNAKAWA

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Optimal Monetary Policy with Labor Market Frictions: The Role of the Wage Channel

机译：具有劳动力市场摩擦的最优货币政策：工资渠道的作用

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摘要

This paper introduces right-to-manage bargaining into a labor search model with sticky prices instead of standard efficient bargaining and examines the Ramsey-optimal monetary policy. Without real wage rigidity, even when the steady state is inefficient, price stability is nearly optimal in response to technology or government shocks. Right-to-manage bargaining creates the wage channel to inflation, because there is a direct relationship between real wages and real marginal cost. In the presence of the wage channel, price markups consist of only real marginal cost, and real wages and hours per worker are determined such as in the Walrasian labor market.

机译：本文将具有管理权的讨价还价引入具有粘性价格而不是标准有效讨价还价的劳动力搜索模型中，并研究了拉姆齐最优货币政策。没有实际的工资刚性，即使稳态效率低下，价格稳定性也几乎是最佳的，以应对技术或政府的冲击。管理权的讨价还价创造了通货膨胀的工资渠道，因为实际工资和实际边际成本之间存在直接关系。在存在工资渠道的情况下，价格上涨仅包括实际边际成本，并且确定了每个工人的实际工资和工时，例如在瓦尔拉斯劳动力市场中。

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来源
《Journal of money, credit and banking》 |2015年第6期|1119-1147|共29页
作者
TAKEKI SUNAKAWA;
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作者单位

Graduate School of Public Policy, the University of Tokyo;

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正文语种 eng
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关键词
Ramsey-optimal monetary policy; right-to-manage bargaining; wage channel; real wage rigidity; wage markups;

机译：拉姆齐最优货币政策;管理权谈判权;工资渠道;实际工资刚性;工资加价;

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Optimal Monetary Policy with Labor Market Frictions: The Role of the Wage Channel

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