{"doi":"10.1111/1467-9442.00155","title":"Stabilisation, Policy Targets and Unemployment in Imperfectly Competitive Economies","abstract":"<jats:p>This paper argues that the rate of equilibrium unemployment depends on the objectives of the Central Bank. In a model where the Central Bank uses monetary policy to stabilise the economy, we show that unemployment and inflation will be lower with an inflation target than with targets for output, money or nominal GDP. The intuition for this is that the elasticities of demand in both the product and the labour markets are greater when there is an inflation target; we show that this leads to a lower mark‐up of price over marginal cost and makes wages more sensitive to unemployment.</jats:p>","journal":"The Scandinavian Journal of Economics","year":1999,"id":24949,"datarank":2.8650488392306483,"base_score":4.060443010546419,"endowment":4.060443010546419,"self_citation_contribution":0.6090664515819629,"citation_network_contribution":2.2559823876486855,"self_endowment_contribution":0.6090664515819629,"citer_contribution":2.2559823876486855,"corpus_percentile":null,"corpus_rank":null,"citation_count":57,"citer_count":53,"citers_with_citation_signal":43,"citers_with_endowment":43,"datacite_reuse_total":0,"is_dataset":false,"is_dataset_confidence":null,"is_data_producer":false,"deposit_databanks":null,"is_oa":false,"file_count":0,"downloads":0,"has_version_chain":false,"published_date":null,"fair_score":null,"fair_percentile":null,"algorithm_id":"datarank_citation_only_1hop_v6","ranking_scope":"data_only","authors":[{"id":139224,"name":"Christopher Martin","orcid":null,"position":1,"is_corresponding":false},{"id":148164,"name":"George Bratsiotis","orcid":null,"position":0,"is_corresponding":false}],"reference_count":0,"raw_metadata":{"has_enrichment":true,"base_score":4.060443010546419,"endowment":4.060443010546419,"datacite_reuse_total":0,"file_count":0,"downloads":0,"views":0,"has_version_chain":false,"is_dataset":false,"is_oa":false,"pmid":"18998881","pmcid":null,"openalex_id":"https://openalex.org/W2073254488","authors":[],"funders":[],"total_grants":0,"fwci":5.4113,"citation_percentile":0.95826893,"influential_citations":8,"citation_trend":[{"year":2012,"count":2},{"year":2013,"count":1},{"year":2014,"count":1},{"year":2018,"count":2},{"year":2020,"count":1},{"year":2025,"count":1}],"oa_status":"closed","license":"http://onlinelibrary.wiley.com/termsAndConditions#vor","oa_locations":[{"url":"https://api.wiley.com/onlinelibrary/tdm/v1/articles/10.1111%2F1467-9442.00155","host_type":"publisher"},{"url":"https://onlinelibrary.wiley.com/doi/pdf/10.1111/1467-9442.00155","host_type":"publisher"},{"url":"https://doi.org/10.1111/1467-9442.00155","host_type":"journal"},{"url":"https://research.manchester.ac.uk/en/publications/d623ab99-77d8-465a-9c3c-3033f87787e4","host_type":"repository"},{"url":"https://www.research.manchester.ac.uk/portal/en/publications/stabilisation-policy-targets-and-unemployment-in-imperfectly-competitive-economies(d623ab99-77d8-465a-9c3c-3033f87787e4).html","host_type":"repository"}],"fields_of_study":["Monetary Policy and Economic Impact","Economic Theory and Policy","Economic theories and models","Economics"],"mesh_terms":[],"keywords":["Economics","Unemployment","Monetary policy","Inflation (cosmology)","Inflation targeting","Full employment","Monetary economics","Intuition","Misery index","Central bank","Macroeconomics","Keynesian economics"],"sdg_mappings":[{"sdg_number":0,"sdg_label":"Decent work and economic growth"}],"linked_datasets":[],"clinical_trials":[],"software_tools":[],"database_accessions":[],"source":"live","citation_network_status":"fetched"},"created_at":"2026-06-07T23:36:46.325299Z","pmid":null,"pmcid":null,"fwci":null,"citation_percentile":null,"influential_citations":0,"oa_status":null,"license":null,"views":0,"total_file_size_bytes":0,"version_count":0,"fair_f":null,"fair_a":null,"fair_i":null,"fair_r":null,"fair_zscore":null,"fair_rationale":null,"fair_model":null,"fair_agent_version":null,"fair_fulltext_source":null,"fair_has_llm":null,"fair_computed_at":null,"clinical_trials":[],"software_tools":[],"db_accessions":[],"linked_datasets":[],"topics":[]}