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Welfare-Theoretic Criterion and Labour Market Search


Stephane Moyen


Deutsche Bundesbank

Jean-Guillaume Sahuc


Banque de France - Centre de Recherche
September 2005


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.

Number of Pages in PDF File: 11

Keywords: Welfare, labour market search, sticky price, second-order approximation techniques

JEL Classification: D60, E24, E52

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Date posted: October 4, 2005  

Suggested Citation

Moyen, Stephane and Sahuc, Jean-Guillaume, Welfare-Theoretic Criterion and Labour Market Search (September 2005). Available at SSRN: http://ssrn.com/abstract=814605 or http://dx.doi.org/10.2139/ssrn.814605

Contact Information

Stephane Moyen
Deutsche Bundesbank ( email )
Wilhelm-Epstein-Str. 14
D-60431 Frankfurt/Main
Germany
Jean-Guillaume Sahuc (Contact Author)
Banque de France - Centre de Recherche ( email )
31 rue Croix des Petits Champs
75049 Paris Cedex 01
France
+33 1 42 92-49-52 (Phone)
+33 1 42-92-62-92 (Fax)
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