Welfare-Theoretic Criterion and Labour Market Search
This paper extends the utility-based welfare criterion developed by Woodford (2003) to a model with labour market search. We show how the central banker’s concern for inflation stabilization depends on the average steady-state durations of unemployment and job vacancy.
|Date of creation:||2005|
|Date of revision:|
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- Moyen, Stephane & Sahuc, Jean-Guillaume, 2005.
"Incorporating labour market frictions into an optimising-based monetary policy model,"
Elsevier, vol. 22(1), pages 159-186, January.
- Moyen, S. & Sahuc, J-G., 2004. "Incorporating Labour Market Frictions into an Optimising-Based Monetary Policy Model," Working papers 105, Banque de France.
- Cooley, Thomas F. & Quadrini, Vincenzo, 2004. "Optimal monetary policy in a Phillips-curve world," Journal of Economic Theory, Elsevier, vol. 118(2), pages 174-208, October.
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