Welfare-Theoretic Criterion and Labour Market Search

Stéphane Moyen and Jean-Guillaume Sahuc

No 05-20, Documents de recherche from Centre d'Études des Politiques Économiques (EPEE), Université d'Evry Val d'Essonne

Abstract: This paper extends the utility-based welfare criterion developed by Woodford (2003) to a model with labour market search. We show how the central banker’s concern for inflation stabilization depends on the average steady-state durations of unemployment and job vacancy.

Keywords: Welfare; labour market search; sticky price; second-order approximation techniques (search for similar items in EconPapers)
JEL-codes: D60 E24 E52 (search for similar items in EconPapers)
Pages: 15 pages
Date: 2005
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Persistent link: https://EconPapers.repec.org/RePEc:eve:wpaper:05-20

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