论文标题
部门劳动力流动性和最佳货币政策
Sectoral Labor Mobility and Optimal Monetary Policy
论文作者
论文摘要
在跨部门不完善的劳动力流动性的情况下，中央银行应如何最佳的总部部门通货膨胀率？我们在两个扇区的新英国模型中研究了这个问题，并表明较低程度的部门劳动力移动性Ceteris Paribus增加了该行业的通货膨胀的最佳体重，否则该行业的重量将较低。我们通过分析和数字发现，在劳动力流动性有限的情况下，无法通过重新分配劳动力来调整不对称冲击，从而对工资造成更大的压力，从而导致相对价格的效率低下，并为中央银行干预创造范围。这些发现挑战了仅基于部门规模的部门通货膨胀权重的标准中央银行的实践，并揭示了部门劳动力流动性的重要作用，可以在最佳计算中发挥作用。在美国经济的扩展估计模型中，具有习惯摩擦和冲击，估计的通货膨胀权重与最佳权重相比，福利的减少高达10％。
How should central banks optimally aggregate sectoral inflation rates in the presence of imperfect labor mobility across sectors? We study this issue in a two-sector New-Keynesian model and show that a lower degree of sectoral labor mobility, ceteris paribus, increases the optimal weight on inflation in a sector that would otherwise receive a lower weight. We analytically and numerically find that, with limited labor mobility, adjustment to asymmetric shocks cannot fully occur through the reallocation of labor, thus putting more pressure on wages, causing inefficient movements in relative prices, and creating scope for central banks intervention. These findings challenge standard central banks practice of computing sectoral inflation weights based solely on sector size, and unveil a significant role for the degree of sectoral labor mobility to play in the optimal computation. In an extended estimated model of the U.S. economy, featuring customary frictions and shocks, the estimated inflation weights imply a decrease in welfare up to 10 percent relative to the case of optimal weights.
