2012 Fiscal Year Final Research Report

Optima Monetary Policy Rules: A New Keynesian Model With Labor MarketFrictions and Worker Heterogeneity

Research Project

Project/Area Number	23730197
Research Category	Grant-in-Aid for Young Scientists (B)
Allocation Type	Multi-year Fund
Research Field	Economic theory
Research Institution	International University of Japan
Principal Investigator	LIN Ching yang 国際大学, 国際関係学研究科, 講師 (70582287)
Project Period (FY)	2011 – 2012
Keywords	マクロ経済学 / 動学一般均衡モデル / 金融政策 / 労働経済学
Research Abstract	This project studies the optimal monetary policy in a framework with search frictions and worker’s heterogeneity. To do so, firstly I empirically investigate important time series prosperities of unemployment rates and wages for different types of workers. Moreover, I estimate the effects of productivity and monetary policy shocks on these variables. I then develop a dynamic stochastic general equilibrium model and calibrate it based on U.S. data. Our results indicate that model predictions are consistent with most of our empirical findings. Lastly, I examine the performance of several different types of monetary policy rules under this framework. The results imply that a monetary policy which focusing on reducing the fluctuations of both unemployment rates and inflation is optimal.研究分野：社会科学科研費の分科・細目：経済学・理論経済学キーワード：マクロ経済学、動学一般均衡モデル、金融政策、労働経済学