Labor market frictions and optimal steady-state inflation

被引：14

作者：

Carlsson, Mikael ^{[1
,2
]}

Westermark, Andreas ^{[3
]}

机构：

[1] Uppsala Univ, UCLS, Box 513, S-75120 Uppsala, Sweden

[2] Sveriges Riksbank, Box 513, S-75120 Uppsala, Sweden

[3] Sveriges Riksbank, Res Dept, S-10337 Stockholm, Sweden

来源：

JOURNAL OF MONETARY ECONOMICS | 2016年 / 78卷

关键词：

Optimal monetary policy; Inflation; Labor market frictions; OPTIMAL MONETARY-POLICY; JOB DESTRUCTION; WAGE STICKINESS; BUSINESS-CYCLE; UNEMPLOYMENT; EQUILIBRIUM; PRICES; MODELS; FLUCTUATIONS; CONTRACTS;

D O I：

10.1016/j.jmoneco.2016.01.002

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

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.

引用

页码：67 / 79

页数：13

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