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- W2181831617 abstract "Currency fluctuations are an important determinant of labour market dynamic and stability. Vice-versa relative labour costs affect real exchange rate dynamics. For this reason the optimal choice of exchange rate regime cannot neglect labour market dynamics. We use a two country sticky price DSGE model with matching frictions to analyse those issue. The monetary authority faces a tension between the insulating property of floating exchange rates, which would prescribe an inward-looking strategy, and the de-stabilising effects of currency fluctuations on job flows. Overall, results show that the second motive tends to prevail (for various shocks and parametrization), hence optimal monetary policy prescribes some degree of exchange rate target. We also re-examine the conditions for optimal policy in a currency are whose members experience asymmetries in labour market institutions and find, indeed, that optimal policy should assign asymmetric weights to different countries." @default.
- W2181831617 created "2016-06-24" @default.
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- W2181831617 date "2009-01-01" @default.
- W2181831617 modified "2023-09-27" @default.
- W2181831617 title "Optimal Monetary Policy in an Open Economy Labour Market Frictions" @default.
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