We study Ramsey policies and optimal monetary policy rules in a model with sticky wages and prices, where financial market participation is limited, i.e. where a fraction of consumer are liquidity constrained. The interaction between liquidity coinstrained agents and wage stickiness results in a welfare-based loss function which depends on real wage gap beside depending on
the output gap, wage inflation and price inflation as in previous studies. Optimal simple rules are characterized by an inflation coefficient larger than one, no matter the degree of financial market partecipation. We argue that once wage stickiness, an uncontroversial empirical fact, is considered, the degree of financial market participation just marginally affects the design of
optimal monetary policy rules.

JEL Classification Numbers: E0, E4, E5, E6.
Keywords: optimal monetary policy, sticky wages, liquidity constrained household, determinacy, optimal simple rules.

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