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Welfare-Theoretic Criterion and Labour Market Search

Author

Listed:
  • Stéphane Moyen

    (EPEE — University of Evry)

  • Jean-Guillaume Sahuc

    () (European Central Bank, Banque de France, and EPEE — University of Evry)

Abstract

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.

Suggested Citation

  • Stéphane Moyen & Jean-Guillaume Sahuc, 2005. "Welfare-Theoretic Criterion and Labour Market Search," Documents de recherche 05-20, Centre d'Études des Politiques Économiques (EPEE), Université d'Evry Val d'Essonne.
  • Handle: RePEc:eve:wpaper:05-20
    as

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    File URL: http://epee.univ-evry.fr/RePEc/2005/05-20.pdf
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    References listed on IDEAS

    as
    1. 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.
    2. Moyen, Stephane & Sahuc, Jean-Guillaume, 2005. "Incorporating labour market frictions into an optimising-based monetary policy model," Economic Modelling, Elsevier, vol. 22(1), pages 159-186, January.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Welfare; labour market search; sticky price; second-order approximation techniques;

    JEL classification:

    • D60 - Microeconomics - - Welfare Economics - - - General
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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