摘要：I analyze optimal monetary policy in an economy with search and matching
frictions in the labor market and staggered nominal wage and price contracts. In
this framework, as opposed to the standard New Keynesian model, preset nominal
wages need not have any effect on existing employment relationships. However,
staggered bargaining of nominal wages distorts aggregate job creation and
creates inefficient dispersion in hiring rates across firms. Targeting zero
inflation (the optimal policy in the standard New Keynesian model) only
magnifies these distortions. The optimal policy allows for non-zero inflation in
response to real shocks, so as to reduce the rigidity of real wages.
Quantitatively, the case against price stability as the sole goal of monetary
policy turns out to be important.
关键词：search and matching, New Keynesian, staggered nominal wage bargaining
