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Productivity shocks and optimal monetary policy in a unionized labor market economy

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Productivity shocks and optimal monetary policy in a unionized labor market economy. / Mattesini, F.; Rossi, L.
In: Manchester School, Vol. 76, No. 5, 30.09.2008, p. 578-611.

Research output: Contribution to Journal/Magazine › Journal article › peer-review

Harvard

Mattesini, F & Rossi, L 2008, 'Productivity shocks and optimal monetary policy in a unionized labor market economy', Manchester School, vol. 76, no. 5, pp. 578-611. https://doi.org/10.1111/j.1467-9957.2008.01077.x

APA

Mattesini, F., & Rossi, L. (2008). Productivity shocks and optimal monetary policy in a unionized labor market economy. Manchester School, 76(5), 578-611. https://doi.org/10.1111/j.1467-9957.2008.01077.x

Vancouver

Mattesini F, Rossi L. Productivity shocks and optimal monetary policy in a unionized labor market economy. Manchester School. 2008 Sept 30;76(5):578-611. Epub 2008 Aug 18. doi: 10.1111/j.1467-9957.2008.01077.x

Author

Mattesini, F. ; Rossi, L. / Productivity shocks and optimal monetary policy in a unionized labor market economy. In: Manchester School. 2008 ; Vol. 76, No. 5. pp. 578-611.

Bibtex

@article{edab19a570324240b9158ad42f330d0a,
title = "Productivity shocks and optimal monetary policy in a unionized labor market economy",
abstract = "A New Keynesian model characterized by labor indivisibilities, unemployment and a unionized labor market is presented. The bargaining process between unions and firms introduces real wage rigidity and creates an endogenous trade-off between inflation and output stabilization. Under an optimal discretionary monetary policy a negative productivity shock requires an increase in the nominal interest rate. An operational instrument rule will satisfy the Taylor principle, but will also require that the nominal interest rate does not necessarily respond one to one to an increase in the efficient rate of interest. ",
author = "F. Mattesini and L. Rossi",
year = "2008",
month = sep,
day = "30",
doi = "10.1111/j.1467-9957.2008.01077.x",
language = "English",
volume = "76",
pages = "578--611",
journal = "Manchester School",
issn = "1463-6786",
publisher = "Wiley-Blackwell",
number = "5",

}

RIS

TY - JOUR

T1 - Productivity shocks and optimal monetary policy in a unionized labor market economy

AU - Mattesini, F.

AU - Rossi, L.

PY - 2008/9/30

Y1 - 2008/9/30

N2 - A New Keynesian model characterized by labor indivisibilities, unemployment and a unionized labor market is presented. The bargaining process between unions and firms introduces real wage rigidity and creates an endogenous trade-off between inflation and output stabilization. Under an optimal discretionary monetary policy a negative productivity shock requires an increase in the nominal interest rate. An operational instrument rule will satisfy the Taylor principle, but will also require that the nominal interest rate does not necessarily respond one to one to an increase in the efficient rate of interest.

AB - A New Keynesian model characterized by labor indivisibilities, unemployment and a unionized labor market is presented. The bargaining process between unions and firms introduces real wage rigidity and creates an endogenous trade-off between inflation and output stabilization. Under an optimal discretionary monetary policy a negative productivity shock requires an increase in the nominal interest rate. An operational instrument rule will satisfy the Taylor principle, but will also require that the nominal interest rate does not necessarily respond one to one to an increase in the efficient rate of interest.

U2 - 10.1111/j.1467-9957.2008.01077.x

DO - 10.1111/j.1467-9957.2008.01077.x

M3 - Journal article

VL - 76

SP - 578

EP - 611

JO - Manchester School

JF - Manchester School

SN - 1463-6786

IS - 5

ER -