| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9668 |
| DP9668 Labor Force Participation and Monetary Policy in the Wake of the Great Recession | |
| Andrew Levin; Christopher Erceg | |
| 发表日期 | 2013-09-29 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | In this paper, we provide compelling evidence that cyclical factors account for the bulk of the post-2007 decline in the U.S. labor force participation rate. We then proceed to formulate a stylized New Keynesian model in which labor force participation is essentially acyclical during "normal times" (that is, in response to small or transitory shocks) but drops markedly in the wake of a large and persistent aggregate demand shock. Finally, we show that these considerations can have potentially crucial implications for the design of monetary policy, especially under circumstances in which adjustments to the short-term interest rate are constrained by the zero lower bound. |
| 主题 | International Macroeconomics |
| 关键词 | Labor force Policy tradeoffs Simple rules Unemployment rate |
| URL | https://cepr.org/publications/dp9668 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/538504 |
| 推荐引用方式 GB/T 7714 | Andrew Levin,Christopher Erceg. DP9668 Labor Force Participation and Monetary Policy in the Wake of the Great Recession. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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