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Erscheinungsjahr: 
2019
Quellenangabe: 
[Journal:] Macroeconomic Dynamics [ISSN:] 1469-8056 [Volume:] 23 [Issue:] 4 [Publisher:] Cambridge University Press [Place:] Cambridge [Year:] 2019 [Pages:] 1703-1719
Verlag: 
Cambridge University Press, Cambridge
Zusammenfassung: 
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.
Schlagwörter: 
trend growth
unemployment
optimal monetary policy
labor market frictions
policy trade-of
DOI der veröffentlichten Version: 
Creative-Commons-Lizenz: 
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Dokumentart: 
Article
Dokumentversion: 
Manuscript Version (Preprint)






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