摘要：
In this dissertation, I study labor market dynamics and positive and normative analysis of monetary policy over the business cycle. The first chapter studies how monetary policy can be more inclusive to benefit people who are particularly vulnerable over the business cycle by developing a tractable New Keynesian model with two types of labor. The second chapter focuses on labor market dynamics during the early COVID-19 period. This chapter studies the effect of the Stay-at-Home (SAH) orders on the labor market outcomes. The third chapter focuses on the effects of monetary policy. This chapter tries to estimate the extent of the information channel of monetary policy. In Chapter 1, “Good Jobs and Bad Jobs over the Business Cycle: Implications for Inclusive Monetary Policy,” I study how monetary policy can be more inclusive and benefit people who are more vulnerable to economic fluctuations. To shed light on this question, I study heterogeneity (“types”) in labor market arrangements and implications of this heterogeneity for welfare and optimal monetary policy. I document that the experiences of regular and irregular workers over the business cycle differ considerably. For example, the share of irregular workers in employment rises during recessions, suggesting that firms actively adjust labor composition over the business cycle. I develop a tractable New Keynesian model with regular and irregular labor types that reflect the cyclical nature of labor composition. I find that workers, who are marginally attached to either the regular or the irregular labor market, face larger volatilities in their consumption and disutility from labor supply and hence suffer larger welfare losses over the business cycle. I find that optimal monetary policy rule should react to employment dynamics in specific segments of the labor market than the overall stance of the labor market. When a central bank follows that rule, it benefits not only people who are more vulnerable to economic flu
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