Labor market participation, unemployment and monetary policy
Journal of Monetary Economics, ISSN: 0304-3932, Vol: 79, Page: 17-29
2016
- 41Citations
- 79Captures
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Example: if you select the 1-year option for an article published in 2019 and a metric category shows 90%, that means that the article or review is performing better than 90% of the other articles/reviews published in that journal in 2019. If you select the 3-year option for the same article published in 2019 and the metric category shows 90%, that means that the article or review is performing better than 90% of the other articles/reviews published in that journal in 2019, 2018 and 2017.
Citation Benchmarking is provided by Scopus and SciVal and is different from the metrics context provided by PlumX Metrics.
Article Description
Models of unemployment and monetary policy usually assume constant participation. Incorporating a participation decision into a standard New Keynesian model with matching frictions, we show that market tightness becomes endogenously more volatile because both the opportunity cost of home production and the reservation wage vary with participation. The model can simultaneously explain the low volatility of participation, the high volatility of unemployment, and a procyclical workers׳ outside option of working. A policy of strict inflation targeting is close to optimal, and increasing the response of the interest rate to inflation does not have a large impact on the volatility of unemployment because of the endogenous response of participation.
Bibliographic Details
http://www.sciencedirect.com/science/article/pii/S0304393216300010; http://dx.doi.org/10.1016/j.jmoneco.2016.03.001; http://www.scopus.com/inward/record.url?partnerID=HzOxMe3b&scp=84962917510&origin=inward; https://linkinghub.elsevier.com/retrieve/pii/S0304393216300010; https://api.elsevier.com/content/article/PII:S0304393216300010?httpAccept=text/xml; https://api.elsevier.com/content/article/PII:S0304393216300010?httpAccept=text/plain; https://dx.doi.org/10.1016/j.jmoneco.2016.03.001
Elsevier BV
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