Optimal Currency Areas with Labor Market Frictions
研究了两国货币联盟中劳动力市场摩擦对效率和最优货币政策的影响，发现即使生产率冲击相同，摩擦异质性也会阻碍最优配置，并建议通胀目标应更多关注僵化成员国。
I study efficiency and optimal monetary policy in a two-country monetary union with frictional labor markets. With heterogeneity in labor market frictions, the constrained efficient allocation generically cannot be achieved even if productivity shocks affecting each country are the same. The second-best optimal policy targets smaller inflation and output gaps in the more sclerotic labor market. A quantitative calibration to the eurozone implies welfare gains from redefining the union’s inflation target to put more weight on its sclerotic members.