دانلود مقاله ISI انگلیسی شماره 26394
ترجمه فارسی عنوان مقاله

جستجو و تطابق اختلاف و سیاست پولی بهینه

عنوان انگلیسی
Search and matching frictions and optimal monetary policy
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
26394 2008 21 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Monetary Economics, Volume 55, Issue 5, July 2008, Pages 936–956

ترجمه کلمات کلیدی
جستجو و تطابق - جدید کینزی - سیاست های پولی -
کلمات کلیدی انگلیسی
Search and matching, New Keynesian, Monetary policy,
پیش نمایش مقاله
پیش نمایش مقاله  جستجو و تطابق اختلاف و سیاست پولی بهینه

A recent literature has merged the New Keynesian and the search and matching frameworks, which has allowed the former to analyze the joint dynamics of unemployment and inflation. This paper analyzes optimal monetary policy in this kind of hybrid framework. I show that zero inflation is optimal when all wages are Nash bargained in every period and the economy's steady state is efficient. In the more realistic case in which nominal wage bargaining is staggered, a case against price stability arises: in response to real shocks, the central bank should use price inflation so as to avoid excessive unemployment volatility and excessive dispersion in hiring rates. For a plausible calibration, the welfare loss under the zero inflation policy is about three times as large as under the optimal policy.