Nominal GDP Targeting with Heterogeneous Labor Supply
研究了在存在信贷摩擦和异质性劳动供给的模型中，名义GDP目标制是否仍为最优货币政策，并分析了次优政策下的不完全市场均衡。
Abstract We study nominal gross domestic product (GDP) targeting as optimal monetary policy in a model with a credit market friction following Azariadis et al. (2018), henceforth ABSS. We extend the ABSS framework to allow for heterogeneous labor supply. We show that nominal GDP targeting continues to characterize optimal monetary policy in this setting. We also analyze the incomplete markets equilibrium that exists when the monetary policymaker pursues a suboptimal policy, and show how an extension to more general preferences can limit the ability of the policymaker to provide full insurance to households in this setting.