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040 |aCaOODSP|beng|erda|cCaOODSP
0410 |aeng|beng|bfre
0861 |aFB3-5/2023-52E-PDF
1001 |aBirinci, Serdar, |eauthor.
24510|aLabor market shocks and monetary policy / |cby Serdar Birinci, Fatih Karahan, Yusuf Mercan and Kurt See.
264 1|a[Ottawa] : |bBank of Canada = Banque du Canada, |c2023.
264 4|c©2023
300 |a1 online resource (ii, 46, 24 pages) : |bcolour illustrations.
336 |atext|btxt|2rdacontent
337 |acomputer|bc|2rdamedia
338 |aonline resource|bcr|2rdacarrier
4901 |aStaff working paper = Document de travail du personnel, |y1701-9397 ; |v2023-52
500 |aISSN assigned to different series.
500 |a"Last updated: October 5, 2023."
504 |aIncludes bibliographical references (pages 44-46).
5203 |a"We develop a heterogeneous-agent New Keynesian model featuring a frictional labor market with on-the-job search to quantitatively study the positive and normative implications of employer-to-employer (EE) transitions for inflation. We find that EE dynamics played an important role in shaping the differential inflation dynamics observed during the Great Recession and COVID-19 recoveries, with the former exhibiting subdued EE transitions and inflation despite both episodes sharing similar unemployment dynamics. The optimal monetary policy prescribes a strong positive response to EE fluctuations, implying that central banks should distinguish between recovery episodes with similar unemployment but different EE dynamics"--Abstract, page ii.
546 |aIncludes abstracts in English and French.
650 0|aLabor market|xEconometric models.
650 0|aInflation (Finance)|xEconometric models.
650 0|aMonetary policy|xEconometric models.
650 6|aMarché du travail|xModèles économétriques.
650 6|aInflation|xModèles économétriques.
650 6|aPolitique monétaire|xModèles économétriques.
7102 |aBank of Canada, |eissuing body.
830#0|aStaff working paper (Bank of Canada)|v2023-52.|w(CaOODSP)9.806221
85640|qPDF|s1.93 MB|uhttps://publications.gc.ca/collections/collection_2023/banque-bank-canada/FB3-5-2023-52-eng.pdf