| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8390 |
| DP8390 Hyperbolic Discounting and Positive Optimal Inflation | |
| Dennis Snower; Liam Graham | |
| 发表日期 | 2011-05-31 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | The Friedman rule states that steady-state welfare is maximized when there is deflation at the real rate of interest. Recent work by Khan et al. (2003) uses a richer model but still finds deflation optimal. In an otherwise standard new Keynesian model we show that, if households have hyperbolic discounting, small positive rates of inflation can be optimal. In our baseline calibration, the optimal rate of inflation is 2.1% and remains positive across a wide range of calibrations. |
| 主题 | Labour Economics |
| 关键词 | Inflation targeting monetary policy Nominal inertia Optimal monetary policy Phillips curve Unemployment |
| URL | https://cepr.org/publications/dp8390 |
| 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/537238 |
| 推荐引用方式 GB/T 7714 | Dennis Snower,Liam Graham. DP8390 Hyperbolic Discounting and Positive Optimal Inflation. 2011. |
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