QUADRATIC LABOR ADJUSTMENT COSTS, BUSINESS CYCLE DYNAMICS, AND OPTIMAL MONETARY POLICY

被引：4

作者：

Lechthaler, Wolfgang ^{[1
]}

Snower, Dennis J. ^{[1
,2
]}

机构：

[1] Kiel Inst World Econ, Kiel, Germany

[2] Univ Kiel, Kiel, Germany

来源：

MACROECONOMIC DYNAMICS | 2013年 / 17卷 / 02期

关键词：

Monetary Persistence; Labor Adjustment Costs; Optimal Monetary Policy; KEYNESIAN MODEL; STICKY PRICES; SEARCH; UNEMPLOYMENT; ECONOMICS; FRICTIONS; MIND; GAP;

D O I：

10.1017/S1365100511000083

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We build quadratic labor adjustment costs into an otherwise standard New Keynesian model of the business cycle and show that this increases output persistence in a vein similar to that of other models of labor market frictions. Furthermore, we demonstrate the implication of quadratic labor adjustment costs for monetary policy. We show that there is a simple rule determining whether quadratic labor adjustment costs imply a trade-off between stabilizing inflation and output.

引用

页码：464 / 475

页数：12