Sectoral Labor Mobility and Optimal Monetary Policy / by Alessandro Cantelmo and Giovanni Melina.

Print version record.

Cover; Contents; 1 Introduction; 2 Model; 2.1 Households; 2.2 Firms; 2.3 Fiscal and monetary policy; 2.4 Market clearing conditions and exogenous processes; 2.5 Functional forms; 3 Bayesian estimation; 3.1 Calibration and priors; 3.2 Estimation results; 4 Optimal monetary policy; 4.1 The monetary policy rule; 4.2 Welfare measure; 4.3 Results; 4.3.1 Impulse responses to an inflation shock; 4.3.2 Optimized interest-rate rules; 4.4 Robustness to alternative calibrations and interest rate rules; 5 Conclusion; References; Appendix; A Data; A.1 Durables and Residential Investments.

A.2 Nondurables and ServicesA. 3 Data transformation for Bayesian estimation; B Symmetric equilibrium; C Steady state; List of Tables; 1 Calibrated parameters; 2 Prior and posterior distributions of estimated parameters; 3 Optimized monetary policy rule: Sticky vs Flexible Durables Prices; 4 Relative standard deviations of inflation, wages and output; 5 Optimized monetary policy rules: robustness to alternative calibrations; 6 Robustness to alternative optimized monetary policy rule; A.1 Data Sources; A.2 Data transformation -- Observables; List of Figures.

1 Sectoral labor mobility parameter: prior and posterior densities2 Responses to adurables price markup shock: Ramsey policy; 3 Durables price stickiness and optimal weight on durables inflation: flexible vs. sticky wages.

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