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Optimal Monetary Policy with Learning by Doing

Author

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  • Chris Redl

Abstract

I study the implications of learning by doing in production for optimal monetary policy using a basic New Keynesian model. Learning-by-doing is modeled as a stock of skills that accumulates based on past employment. The presence of this learning-by-doing externality breaks the ’divine coincidence’ result, that by stabilising inflation the output gap will automatically be […]

Suggested Citation

  • Chris Redl, 2015. "Optimal Monetary Policy with Learning by Doing," Working Papers 490, Economic Research Southern Africa.
    • Handle: RePEc:rza:wpaper:490
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    File URL: https://econrsa.org/wp-content/uploads/2022/06/working_paper_490.pdf
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    Cited by:

    1. Juan J. Dolado & Gergő Motyovszki & Evi Pappa, 2021. "Monetary Policy and Inequality under Labor Market Frictions and Capital-Skill Complementarity," American Economic Journal: Macroeconomics, American Economic Association, vol. 13(2), pages 292-332, April.

    More about this item

    Keywords

    Inflation; Labour Market; Monetary Policy;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity

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