文章基本信息

标题：Involuntary unemployment and the business cycle
本地全文：下载
作者：Lawrence Christiano ; Mathias Trabandt ; Karl Walentin 等
期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2010
出版社：European Central Bank
摘要：We propose a monetary model in which the unemployed satisfy the o􀀡cial US de- 􀀟nition of unemployment: they are people without jobs who are (i) currently making concrete e􀀞orts to 􀀟nd work and (ii) willing and able to work. In addition, our model has the property that people searching for jobs are better o􀀞 if they 􀀟nd a job than if they do not (i.e., unemployment is ‘involuntary’). We integrate our model of involuntary unemployment into the simple New Keynesian framework with no capital and use the resulting model to discuss the concept of the ‘non-accelerating in􀀠ation rate of unemployment’. We then integrate the model into a medium sized DSGE model with capital and show that the resulting model does as well as existing models at accounting for the response of standard macroeconomic variables to monetary policy shocks and two technology shocks. In addition, the model does well at accounting for the response of the labor force and unemployment rate to the three shocks.
关键词：DSGE; unemployment; business cycles; monetary policy; Bayesian estimation.