Insider-Outsider Labor Markets, Hysteresis and Monetary Policy
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I develop a version of the New Keynesian model with insider-outsider labor markets and hysteresis that can account for the high persistence of European unemployment. I study the implications of that environment for the design of monetary policy. The optimal policy calls for strong emphasis on (un
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美国国家经济研究局创建时间：
2020-06-01
