تعدیل تدریجی قیمت دستمزد ، اختلاف بازار کار و قواعد سیاست پولی

In this paper the role of different types of labor market frictions in the dynamics of output and inflation is investigated. For this purpose, the Keynes–Goodwin model discussed in Chen et al. (2006) and Franke et al. (2006) is extended by a labor search and matching module along the lines of Mortensen et al. (1994). After estimating the resulting model with U.S. aggregate time series and comparing its dynamics with those of a VAR model, the performance of different types of monetary policy rules for inflation, and more generally, for macroeconomic stability is analyzed.

It is widely acknowledged that in the real world labor markets are characterized by a variety of frictions such as the asymmetric or incomplete information about the quality of the market participants, the existence of geographical and skill mismatches, as well as of labor searching and trading costs. As pointed out by Pissarides (2000, p. 3), trading in labor markets is likely to be – to a greater extent than in other markets – “uncoordinated, time-consuming, and costly for both firms and workers”, itself likely to depend on the actual market conditions such as the relative size of unemployed workers and vacancies.

In this paper the (Disequilibrium) Keynes–Goodwin model discussed in Chen et al. (2006) and Franke et al. (2006) was extended and enhanced by the incorporation of a labor market module containing basic search and matching elements along the lines of Mortensen et al. (1994) and Pissarides (2000). The particular specification not only of the employment rate dynamics but also of the general theoretical approach pursued in this paper was not only supported by empirical data, but it could be shown by means of numerical simulations that it can be a useful framework for the analysis of the macroeconomic effects of different types of labor market frictions. Concerning the role of monetary policy in such a framework, the discussed dynamic simulations allowed us not only to evaluate the performance of alternative monetary policy rules for given labor market parameters, but they also delivered interesting insights on the relationship between different degrees of labor market rigidities (in different senses) and the performance of alternative monetary policy rules to aggregate demand and cost-push shocks.