Monetary Policy and Resource Mobility
نویسنده
چکیده
The imperfect nature of resource mobility plays a surprisingly small role in most policy models. In the standard benchmark new Keynesian model, for example, it is costly for firms to adjust their selling prices, but these same firms can costlessly hire and fire workers and both workers and capital can costlessly shift from one firm to another. In this paper, I review some of the implications for monetary policy of imperfect resource mobility, distinguishing between its role in altering the transmission mechanism of monetary policy and its role in affecting the goals of policy. (JEL E52, E58, J64).
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Appendix to “ Monetary policy and resource mobility
This appendix to “Monetary policy and resource mobility” sets out the basic model of Lechthaler and Snower (2010) and derives the second-order approximation to the welfare of the representative household that is discussed in section 3 of the paper. It also describes the derivation of the two sector model with costly hiring that is discussed in section 6 of the paper. This discussion is prelimin...
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تاریخ انتشار 2011