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Segmented labor markets and monetary policy
Descriptive
TitleInfo
Title
Segmented labor markets and monetary policy
Name
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NamePart
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Ko
NamePart
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Dong-Whan
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Dong-Whan Ko
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author
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Landon-Lane
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John
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John Landon-Lane
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Advisory Committee
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chair
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Chang
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Roberto
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Roberto Chang
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Advisory Committee
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internal member
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Keister
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Todd
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Todd Keister
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Advisory Committee
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internal member
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(type = family)
Lee
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(type = given)
Jae Won
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Jae Won Lee
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Advisory Committee
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outside member
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Rutgers University
Role
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degree grantor
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Graduate School - New Brunswick
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school
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theses
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2015
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2015-10
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xx
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2015
Language
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eng
Abstract
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This dissertation examines the impact of a segmented labor market on aggregate dynamics and discusses optimal monetary policy. The first chapter investigates whether differentials in labor market variables in segmented labor markets have an aggregate effect. I find a mechanism by which a segmented labor market model generates stickier aggregate nominal wages and thus more volatile output, employment ratio and unemployment rate. In the second chapter, I estimate the extended version of the model using a typical Bayesian estimation method in which the model incorporates several features that are common in medium-scale New Keynesian DSGE Models. The estimation results confirm the results obtained by the calibrated model of the first chapter. In particular, the estimates for the labor supply and demand elasticity of low-skilled workers are greater than those of high-skilled workers. In the third chapter, I discuss an optimal monetary policy, taking into account income inequality. The model shows that a tight monetary policy leads to an increase in income inequality. This increase in inequality induces stickier aggregate nominal wages. I also find that the income inequality poses a policy trade-off with traditional objectives. A quantitative analysis shows that a monetary policy that concerned aggregate variables only causes a larger welfare loss after idiosyncratic productivity shocks.
Subject
(authority = RUETD)
Topic
Economics
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TitleInfo
Title
Rutgers University Electronic Theses and Dissertations
Identifier
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ETD_6227
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electronic resource
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application/pdf
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text/xml
Extent
1 online resource (ix, 141 p. : ill.)
Note
(type = degree)
Ph.D.
Note
(type = bibliography)
Includes bibliographical references
Subject
(authority = ETD-LCSH)
Topic
Market segmentation
Subject
(authority = ETD-LCSH)
Topic
Labor market
Note
(type = statement of responsibility)
by Dong-Whan Ko
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TitleInfo
Title
Graduate School - New Brunswick Electronic Theses and Dissertations
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rucore19991600001
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NjNbRU
Identifier
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doi:10.7282/T32R3TNW
Genre
(authority = ExL-Esploro)
ETD doctoral
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Rights
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The author owns the copyright to this work.
RightsHolder
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Name
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Ko
GivenName
Dong-Whan
Role
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Type
Permission or license
DateTime
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2015-07-09 17:16:01
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Dong-Whan Ko
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Affiliation
Rutgers University. Graduate School - New Brunswick
AssociatedObject
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License
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Author Agreement License
Detail
I hereby grant to the Rutgers University Libraries and to my school the non-exclusive right to archive, reproduce and distribute my thesis or dissertation, in whole or in part, and/or my abstract, in whole or in part, in and from an electronic format, subject to the release date subsequently stipulated in this submittal form and approved by my school. I represent and stipulate that the thesis or dissertation and its abstract are my original work, that they do not infringe or violate any rights of others, and that I make these grants as the sole owner of the rights to my thesis or dissertation and its abstract. I represent that I have obtained written permissions, when necessary, from the owner(s) of each third party copyrighted matter to be included in my thesis or dissertation and will supply copies of such upon request by my school. I acknowledge that RU ETD and my school will not distribute my thesis or dissertation or its abstract if, in their reasonable judgment, they believe all such rights have not been secured. I acknowledge that I retain ownership rights to the copyright of my work. I also retain the right to use all or part of this thesis or dissertation in future works, such as articles or books.
Copyright
Status
Copyright protected
Availability
Status
Open
Reason
Permission or license
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Technical
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windows xp
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