Persistent monetary policy in a model with involuntary unemployment
在一个包含非自愿失业的新凯恩斯DSGE模型中，研究了劳动力市场如何影响持续性货币政策冲击的传导，发现劳动力市场受限会导致通胀响应更大而产出效应更小，并通过向量自回归分析提供了实证证据。
Abstract In a basic New Keynesian DSGE model with involuntary unemployment, we study the role of labor markets in the transmission of persistent monetary policy shocks that increase households' inflation expectations. The model predicts that, in contrast to the standard nominal interest rate shocks, labor market conditions can affect the outcomes of persistent monetary policy shocks suggesting a trade‐off between inflation and output growth: restricted labor market access leads to higher inflation response with smaller effects on output. Using a vector autoregression analysis, we further provide empirical evidence consistent with the predictions of our theoretical model.