The financial accelerator, wages, and optimal monetary policy
研究了劳动力市场结果如何影响企业贷款需求和信贷中介，发现银行部门摩擦降低了资本要素需求对实际工资变化的弹性，并指出稳定名义工资接近最优货币政策。
I study the effects of labor market outcomes on firms' loan demand and credit intermediation. I first show in partial equilibrium that the presence of frictions in the banking sector lowers the capital factor demand elasticity to changes in real wages. This finding helps to connect the substitutability of labor and capital with credit conditions. Second, I use a new Keynesian banking model with an endogenous financial accelerator mechanism to study the role of lower capital factor demand elasticity in the transmission mechanism of monetary policy. Stabilizing nominal wages is close to the optimal monetary policy because it coincides with stabilizing the credit spread, the net worth gap, and the output gap. Inflation stabilization, in turn, imposes a policy trade-off with high welfare costs. • The presence of frictions in the banking sector lowers the capital factor demand elasticity to changes in real wages. • The higher bankers' net worth the less sensitive is the capital demand to changes in real wages. • Wage inflation targeting stabilizes the output gap, credit spread, and the net worth gap of bankers. • Inflation targeting imposes a policy trade-off between inflation stabilization and wage inflation stabilization.