Labor Markets and Monetary Policy: A New Keynesian Model with Unemployment
构建了一个包含名义刚性和失业的效用基础模型，发现生产率冲击在有效配置下不影响失业，但实际工资刚性导致低效失业波动，央行面临通胀与失业稳定之间的权衡。
We construct a utility-based model of fluctuations with nominal rigidities and unemployment. We first show that under a standard utility specification, productivity shocks have no effect on unemployment in the constrained efficient allocation. That property is also shown to hold, despite labor market frictions, in the decentralized equilibrium under flexible prices and wages. Inefficient unemployment fluctuations arise when we introduce real-wage rigidities. As a result, in the presence of staggered price setting by firms, the central bank faces a trade-off between inflation and unemployment stabilization, which depends on labor market characteristics. We draw the implications for optimal monetary policy.