ترکیب بازار کار در یک مدل سیاست های پولی مبتنی بر بهینه سازی

This paper examines the effects of introducing a non-Walrasian labour market into the “New Neoclassical Synthesis” framework. A dynamic stochastic general equilibrium model is formulated, solved and calibrated in order to evaluate its ability to replicate the main features of the Euro area economy. This framework allows us to study the effects of labour market rigidities, nominal rigidities and other frictions to give account of the impact of monetary policy, technology and public spending shocks. Our simulations show that: (i) real rigidities do not act as a substitute for nominal rigidities but as a necessary complement; (ii) the Beveridge and Phillips relations are reproduced; (iii) hours worked are too sensitive an adjustment variable; and (iv) the real wage dynamics is still procyclical.

What are the effects of labour market frictions on the dynamics of the economy and the propagation of shocks? Even though such a question is central to macroeconomics and economic policy, very few studies sought to answer it in a general equilibrium framework. Yet the consequences of labour market rigidities on employment, output and inflation constitute an issue of great importance for both economists and policymakers. As explained in a recent study on labour market mismatches provided by the European Central Bank (ECB, 2002), there is a gap between the european unemployment level and the difficulties in recruiting workers. This coexistence of unsatisfied labour market supply and demand suggests an insufficient ability of the euro area to match labour supply and demand. Moreover, it is generally agreed that the unemployment rate in the euro area is hardly cyclical, and that its dynamics is mainly explained by institutional and structural features. Unfortunately, such european labour market characteristics as the low mobility of manpower across countries and the high level of regulation create a rigid labour market configuration (Bertola, 1999, Cadiou and Guichard, 1999 and Cadiou et al., 1999).

Previous works using competitive DSGE model have provided reasonable descriptions of the data on real variables. However, such works did not capture at all or badly the labour market features although we know that the functioning of the labour market affects business cycle dynamics and is crucial for monetary policy decisions. It would appear imperative to model unemployment as the outcome of an equilibrium process. This paper aims at filling this gap in developing an optimising based monetary policy model with capital, sticky prices and a non-Walrasian labour market in the form of a simple labour market search mechanism. This enables us to study the respective role of labour market frictions and nominal frictions in accounting for the empirical second moments observed on euro area data.