دانلود رایگان مقاله اصطکاک های بازار کار و تورم حالت ثابت بهینه

abstract

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.

5. Concluding discussion

This paper explores how the interaction of nominal wage and labor market search and matching frictions can affect the planner's trade-off when choosing the Ramsey optimal inflation rate. In a stylized model with search frictions where some newly hired workers enter into an existing wage structure we show that inflation not only affects real-wage profiles over a contract spell, but also redistributes surplus between workers and firms since incumbent workers impose an externality on new hires through the entry wage. This affects the wage-bargaining outcome through its effect on the workers' outside option and hence the expected present value of total labor costs for a match and thus also firms' incentives for vacancy creation and, in turn, employment. Moreover, models without an extensive margin on the labor market lack the mechanism described here (as e.g. in Erceg et al., 2000).