Data and Code for: Optimal Currency Areas with Labor Market Frictions
Principal Investigator(s): View help for Principal Investigator(s) Rohan Kekre, University of Chicago. Booth School of Business
Version: View help for Version V1
| Name | File Type | Size | Last Modified |
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| data | 10/23/2020 05:37:PM | ||
| programs | 10/23/2020 05:37:PM | ||
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application/pdf | 154 KB | 12/09/2020 04:45:AM |
Project Citation:
Kekre, Rohan. Data and Code for: Optimal Currency Areas with Labor Market Frictions. Nashville, TN: American Economic Association [publisher], 2022. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2022-03-25. https://doi.org/10.3886/E125063V1
Project Description
Summary:
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Data and codes to replicate results in "Optimal Currency Areas with Labor Market Frictions". Paper abstract: I study efficiency and optimal monetary policy in a two-country monetary union with frictional labor markets. With heterogeneity in labor market frictions, the constrained efficient allocation generically cannot be achieved even if productivity shocks affecting each country are the same. The second-best optimal policy targets smaller inflation and output gaps in the more sclerotic labor market. A quantitative calibration to the Eurozone implies welfare gains from redefining the union's inflation target to put more weight on its sclerotic members.
Scope of Project
Subject Terms:
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Optimal Currency Areas;
monetary policy;
search and matching
JEL Classification:
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E52 Monetary Policy
F45 Macroeconomic Issues of Monetary Unions
J63 Labor Turnover; Vacancies; Layoffs
E52 Monetary Policy
F45 Macroeconomic Issues of Monetary Unions
J63 Labor Turnover; Vacancies; Layoffs
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