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Monetary Policy Shocks and the Labor Market

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Abstract

We extend the Hansen and Prescott (1991) method for the numerical computation of equilibria of dynamic business cycle models in which there are two sets of agents who play a dynamic Stackelberg game. Such models have application to analysis of issues of optimal government policy in which the government plays the role of Stackelberg leader and a representative private agent is the follower. We show how to derive time-consistent policy rules for the Stackelberg leader, and we consider an application of the methodology to the determination of optimal government spending in perfectly competitive growth model. Nous généralisons la méthode Hansen et Prescott (1991) pour calculer numériquement l'équilibre de modèles du cycle économique, au cas où deux groupes d'agents interagissent dans un jeu de Stackelberg dynamique. Cette généralisation trouve application dans l'analyse de politiques optimales lorsque e gouvernement est le leader et l'agent privé représentatif est le suiveur. Nous montrons comment dériver des règles de rétroaction de politique économique qui sont intertemporellement cohérentes et nous appliquons la méthodologie à la détermination du niveau optimal de dépenses publiques de consommation dans un modèle de croissance néo- classique.

Suggested Citation

  • Michel Normandin & Louis Phaneuf, 1994. "Monetary Policy Shocks and the Labor Market," Cahiers de recherche CREFE / CREFE Working Papers 24, CREFE, Université du Québec à Montréal.
    • Handle: RePEc:cre:crefwp:24
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    More about this item

    Keywords

    Money shocks; labor market; real wage;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers

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