| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7864 |
| DP7864 The Optimal Rate of Inflation | |
| Martín Uribe; Stephanie Schmitt-Grohé | |
| 发表日期 | 2010-06-01 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | Observed inflation targets around the industrial world are concentrated at two percent per year. This paper investigates the extent to which the observed magnitudes of inflation targets are consistent with the optimal rate of inflation predicted by leading theories of monetary non-neutrality. We find that consistently those theories imply that the optimal rate of inflation ranges from minus the real rate of interest to numbers insignificantly above zero. Furthermore, we argue that the zero bound on nominal interest rates does not represent an impediment for setting inflation targets near or below zero. Finally, we find that central banks should adjust their inflation targets upward by the size of the quality bias in measured inflation only if hedonic prices are more sticky than are non-quality-adjusted prices. |
| 主题 | International Macroeconomics |
| 关键词 | Downward nominal rigidities Foreign demand for money Friedman rule Quality bias Ramsey policy Sticky-prices Zero bound |
| URL | https://cepr.org/publications/dp7864 |
| 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/536701 |
| 推荐引用方式 GB/T 7714 | Martín Uribe,Stephanie Schmitt-Grohé. DP7864 The Optimal Rate of Inflation. 2010. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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