| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4121 |
| DP4121 Exchange Rate Policy and Endogenous Price Flexibility | |
| Michael B Devereux | |
| 发表日期 | 2003-11-23 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | We evaluate the case for perfect price (inflation) stabilization in a New Keynesian (NNS) model that includes capital accumulation, a variety of shocks, a monetary and an imperfect competition distortion. In such a model, price rigidity may provide the monetary authorities with an opportunity to improve upon the inefficient flexible price equilibrium via the suitable cyclical manipulation of real marginal costs. We find that such an opportunity is of limited value. With only the imperfect competition friction present (in the ?cashless? version of the model), inflation variability is costly independent of the level of capital adjustment costs, the degree of price rigidity, the size of mark-ups, the degree of risk aversion and the type of the shock. A small amount of inflation variability may become desirable when prices are fairly flexible and capital adjustment costs low if the model includes both frictions. |
| 主题 | International Macroeconomics |
| 关键词 | Inflation stabilization investment Price rigidity Distortions |
| URL | https://cepr.org/publications/dp4121 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/533096 |
| 推荐引用方式 GB/T 7714 | Michael B Devereux. DP4121 Exchange Rate Policy and Endogenous Price Flexibility. 2003. |
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