摘要翻译：
在劳动力跨部门流动不完善的情况下，央行应该如何最优地汇总部门通胀率？我们在一个两部门的新凯恩斯模型中研究了这个问题，并表明在一个原本权重较低的部门中，较低程度的部门劳动力流动性（ceteris paribus）增加了对通货膨胀的最优权重。我们从分析和数字上发现，在劳动力流动性有限的情况下，对非对称冲击的调整不能完全通过劳动力的重新配置来实现，从而给工资带来更大的压力，导致相对价格的低效变动，并为央行干预创造空间。这些发现挑战了中央银行仅根据部门规模计算部门通胀权重的标准做法，并揭示了部门劳动力流动程度在最优计算中的重要作用。在一个扩展的美国经济估计模型中，以传统的摩擦和冲击为特征，估计的通货膨胀权重意味着相对于最优权重的情况，福利下降高达10%。
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英文标题：
《Sectoral Labor Mobility and Optimal Monetary Policy》
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作者：
Alessandro Cantelmo and Giovanni Melina
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最新提交年份：
2020
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分类信息：

一级分类：Economics 经济学
二级分类：General Economics 一般经济学
分类描述：General methodological, applied, and empirical contributions to economics.
对经济学的一般方法、应用和经验贡献。
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一级分类：Quantitative Finance 数量金融学
二级分类：Economics 经济学
分类描述：q-fin.EC is an alias for econ.GN. Economics, including micro and macro economics, international economics, theory of the firm, labor economics, and other economic topics outside finance
q-fin.ec是econ.gn的别名。经济学，包括微观和宏观经济学、国际经济学、企业理论、劳动经济学和其他金融以外的经济专题
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英文摘要：
How should central banks optimally aggregate sectoral inflation rates in the presence of imperfect labor mobility across sectors? We study this issue in a two-sector New-Keynesian model and show that a lower degree of sectoral labor mobility, ceteris paribus, increases the optimal weight on inflation in a sector that would otherwise receive a lower weight. We analytically and numerically find that, with limited labor mobility, adjustment to asymmetric shocks cannot fully occur through the reallocation of labor, thus putting more pressure on wages, causing inefficient movements in relative prices, and creating scope for central banks intervention. These findings challenge standard central banks practice of computing sectoral inflation weights based solely on sector size, and unveil a significant role for the degree of sectoral labor mobility to play in the optimal computation. In an extended estimated model of the U.S. economy, featuring customary frictions and shocks, the estimated inflation weights imply a decrease in welfare up to 10 percent relative to the case of optimal weights.
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