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Segmented labor markets and monetary...

Ko, Dong-Whan.

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Segmented labor markets and monetary policy.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Segmented labor markets and monetary policy./
作者:	Ko, Dong-Whan.
面頁冊數:	152 p.
附註:	Source: Dissertation Abstracts International, Volume: 77-07(E), Section: A.
Contained By:	Dissertation Abstracts International77-07A(E).
標題:	Economics. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10019299
ISBN:	9781339509945

Segmented labor markets and monetary policy.
Ko, Dong-Whan.

Segmented labor markets and monetary policy. - 152 p.

Source: Dissertation Abstracts International, Volume: 77-07(E), Section: A.

Thesis (Ph.D.)--Rutgers The State University of New Jersey - New Brunswick, 2015.

This dissertation examines the impact of a segmented labor market on aggregate dynamics and discusses optimal monetary policy. The first chapter investigates whether differentials in labor market variables in segmented labor markets have an aggregate effect. I find a mechanism by which a segmented labor market model generates stickier aggregate nominal wages and thus more volatile output, employment ratio and unemployment rate. In the second chapter, I estimate the extended version of the model using a typical Bayesian estimation method in which the model incorporates several features that are common in medium-scale New Keynesian DSGE Models. The estimation results confirm the results obtained by the calibrated model of the first chapter. In particular, the estimates for the labor supply and demand elasticity of low-skilled workers are greater than those of high-skilled workers. In the third chapter, I discuss an optimal monetary policy, taking into account income inequality. The model shows that a tight monetary policy leads to an increase in income inequality. This increase in inequality induces stickier aggregate nominal wages. I also find that the income inequality poses a policy trade-off with traditional objectives. A quantitative analysis shows that a monetary policy that concerned aggregate variables only causes a larger welfare loss after idiosyncratic productivity shocks.

ISBN: 9781339509945Subjects--Topical Terms:

517137
Economics.

Segmented labor markets and monetary policy.
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502 $a Thesis (Ph.D.)--Rutgers The State University of New Jersey - New Brunswick, 2015.
520 $a This dissertation examines the impact of a segmented labor market on aggregate dynamics and discusses optimal monetary policy. The first chapter investigates whether differentials in labor market variables in segmented labor markets have an aggregate effect. I find a mechanism by which a segmented labor market model generates stickier aggregate nominal wages and thus more volatile output, employment ratio and unemployment rate. In the second chapter, I estimate the extended version of the model using a typical Bayesian estimation method in which the model incorporates several features that are common in medium-scale New Keynesian DSGE Models. The estimation results confirm the results obtained by the calibrated model of the first chapter. In particular, the estimates for the labor supply and demand elasticity of low-skilled workers are greater than those of high-skilled workers. In the third chapter, I discuss an optimal monetary policy, taking into account income inequality. The model shows that a tight monetary policy leads to an increase in income inequality. This increase in inequality induces stickier aggregate nominal wages. I also find that the income inequality poses a policy trade-off with traditional objectives. A quantitative analysis shows that a monetary policy that concerned aggregate variables only causes a larger welfare loss after idiosyncratic productivity shocks.
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