Title of article :
Monetarypolicyandlabormarketfrictions:Ataxinterpretation
Author/Authors :
Federico Ravenna، نويسنده ,
Issue Information :
روزنامه با شماره پیاپی سال 2012
Pages :
16
From page :
180
To page :
195
Abstract :
Replicatingtheflexiblepriceallocationinmodelswithnominalrigiditiesandlabor marketfrictionsthatleadtoaninefficientmatchingofunemployedworkerswithjob vacancies,eveniffeasible,isgenerallynotdesirable.Wecharacterizethetaxinstru- mentsthatimplementthefirstbestallocationandexaminethetrade-offsfacedby monetarypolicyifthesetaxinstrumentsareunavailable.Ourtaxinterpretationhelps explainwhythewelfarecostofinefficientlabormarketsearchcanbelargewhilethe incentivetodeviatefrompricestabilityissmall.Gainsfromdeviatingfromprice stabilityarelargerineconomieswithmorevolatilelaborflows
Journal title :
Journal of Monetary Economics
Serial Year :
2012
Journal title :
Journal of Monetary Economics
Record number :
846516
Link To Document :
https://search.isc.ac/dl/search/defaultta.aspx?DTC=10&DC=846516
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