Labor market shocks and monetary policy / by Serdar Birinci, Fatih Karahan, Yusuf Mercan and Kurt See.: FB3-5/2023-52E-PDF
"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.
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| Title | Labor market shocks and monetary policy / by Serdar Birinci, Fatih Karahan, Yusuf Mercan and Kurt See. |
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| Publication type | Monograph - View Master Record |
| Language | [English] |
| Format | Digital text |
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| Description | 1 online resource (ii, 46, 24 pages) : colour illustrations. |
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