Welfare-Theoretic Criterion and Labour Market Search

This paper extends the utility-based welfare criterion developed by Woodford (2003) to a model with labour market search. We show how the central banker’s concern for inflation stabilization depends on the average steady-state durations of unemployment and job vacancy.

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Year of publication:	2005
Authors:	Moyen, Stéphane ; Sahuc, Jean-Guillaume
Institutions:	Centre d'Études des Politiques Économiques (EPEE), Université d'Évry Val d'Essonne
Subject:	Welfare \| labour market search \| sticky price \| second-order approximation techniques

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Extent:	application/pdf
Series:	Documents de recherche.
Type of publication:	Book / Working Paper
Notes:	Number 05-20 15 pages
Classification:	D60 - Welfare Economics. General ; E24 - Employment; Unemployment; Wages ; E52 - Monetary Policy (Targets, Instruments, and Effects)
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010655955