Optima Monetary Policy Rules: A New Keynesian Model With Labor MarketFrictions and Worker Heterogeneity

点击翻译按钮获取中文摘要

This project studies the optimal monetary policy in a framework with search frictions and worker’s heterogeneity. To do so, firstly I empirically investigate important time series prosperities of unemployment rates and wages for different types of workers. Moreover, I estimate the effects of productivity and monetary policy shocks on these variables. I then develop a dynamic stochastic general equilibrium model and calibrate it based on U.S. data. Our results indicate that model predictions are consistent with most of our empirical findings. Lastly, I examine the performance of several different types of monetary policy rules under this framework. The results imply that a monetary policy which focusing on reducing the fluctuations of both unemployment rates and inflation is optimal.研究分野： 社会科学 科研費の分科・細目：経済学・理論経済学キーワード： マクロ経済学、動学一般均衡モデル、金融政策、労働経済学