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dc.contributor.authorFaia, Esteren
dc.contributor.authorLechthaler, Wolfgangen
dc.contributor.authorMerkl, Christianen
dc.date.accessioned2009-08-07-
dc.date.accessioned2009-10-18T16:27:03Z-
dc.date.available2009-10-18T16:27:03Z-
dc.date.issued2009-
dc.identifier.urihttp://hdl.handle.net/10419/28361-
dc.description.abstractWe study the design of optimal monetary policy in a New Keynesian model with labor turnover costs in which wages are set according to a right to manage bargaining where the firms' counterpart is given by currently employed workers. Our model captures well the salient features of European labor market, as it leads to sclerotic dynamics of worker flows. The coexistence of those types of labor market frictions alongside with sticky prices gives rise to a non-trivial trade-off for the monetary authority. In this framework, firms and current employees extract rents and the policy maker finds it optimal to use state contingent inflation taxes/subsidies to smooth those rents. Hence, in the optimal Ramsey plan, inflation deviates from zero and the optimal volatility of inflation is an increasing function of firing costs. The optimal rule should react to employment alongside inflation.en
dc.language.isoengen
dc.publisher|aKiel Institute for the World Economy (IfW) |cKielen
dc.relation.ispartofseries|aKiel Working Paper |x1534en
dc.relation.hasversionhttp://hdl.handle.net/10419/126152en
dc.subject.jelE52en
dc.subject.jelE24en
dc.subject.ddc330en
dc.subject.keywordOptimal monetary policyen
dc.subject.keywordhiring and firing costsen
dc.subject.keywordlabor market frictionsen
dc.subject.keywordpolicy trade-offen
dc.subject.stwGeldpolitiken
dc.subject.stwArbeitsmobilitäten
dc.subject.stwKündigungen
dc.subject.stwKostenen
dc.subject.stwLohnverhandlungenen
dc.subject.stwLohnrigiditäten
dc.subject.stwPreisrigiditäten
dc.subject.stwRegelgebundene Politiken
dc.subject.stwInflationsrateen
dc.subject.stwUngleichgewichtstheorieen
dc.subject.stwTheorieen
dc.titleLabor turnover costs, workers' heterogeneity and optimal monetary policy-
dc.typeWorking Paperen
dc.identifier.ppn60625837Xen
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:ifwkwp:1534en

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