Artikel
A Note on Trend Growth, Unemployment and Optimal Monetary Policy
We analyze the implications of trend growth for optimal monetary policy in the presence of search and matching unemployment. We show that trend growth interacts importantly with the inefficiencies stemming from the labor market. Higher trend growth exacerbates the inefficiencies of the labor market and therefore calls for larger deviations from price stability. Our analysis implies that lower trend growth reduces not only the level but also the optimal volatility of the nominal interest rate.
- Sprache
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Englisch
- Erschienen in
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Journal: Macroeconomic Dynamics ; ISSN: 1469-8056 ; Volume: 23 ; Year: 2019 ; Issue: 4 ; Pages: 1703-1719 ; Cambridge: Cambridge University Press
- Klassifikation
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Wirtschaft
- Thema
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trend growth
unemployment
optimal monetary policy
labor market frictions
policy trade-of
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Lechthaler, Wolfgang
Tesfaselassie, Mewael F.
- Ereignis
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Veröffentlichung
- (wer)
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Cambridge University Press
ZBW - Leibniz Information Centre for Economics
- (wo)
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Cambridge
- (wann)
-
2019
- DOI
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doi:10.1017/S1365100517000402
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Artikel
Beteiligte
- Lechthaler, Wolfgang
- Tesfaselassie, Mewael F.
- Cambridge University Press
- ZBW - Leibniz Information Centre for Economics
Entstanden
- 2019
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