劳动市场摩擦与机会主义货币政策

Labor Market Frictions and Opportunistic Monetary Policy

本文在存在劳动市场摩擦的DSGE模型框架下考察机会主义货币政策的合理性。研究发现,当经济中存在显著的工资粘性、雇佣成本和搜寻匹配摩擦时,实行灵活通胀目标的机会主义货币政策在社会福利效果上优于以稳定通胀和产出缺口为目标的标准泰勒规则,并接近无约束最优政策的福利效果。因此在这些条件下,机会主义货币政策是中央银行合理的政策选择。

The essentiality of opportunistic monetary policies is investigated under a DSGE framework with labor market frictions by this paper. The paper shows that in economies with wage stickiness, hiring costs and search-matching frictions, opportunistic monetary policies with flexible inflation target dominate standard Taylor rule policy which stick to stabilizing prices and output gap in welfare standards and are able to approximate unconditional optimal policy. Under these conditions, opportunistic monetary policies thus are rational choice for central bankers.