G2TT
来源类型Discussion paper
规范类型论文
来源IDDP9846
DP9846 Optimal Monetary Policy with State-Dependent Pricing
Anton Nakov; Carlos Thomas
发表日期2014-02-16
出版年2014
语种英语
摘要This paper studies optimal monetary policy from the timeless perspective in a general model of state-dependent pricing. Firms are modeled as monopolistic competitors subject to idiosyncratic menu cost shocks. We find that, under certain conditions, a policy of zero inflation is optimal both in the long run and in response to aggregate shocks. Key to this finding is an "envelope" property: at zero inflation, a marginal increase in the rate of inflation has no effect on firms' profits and hence on their probability of repricing. We offer an analytic solution that does not require local approximation or e¢ ciency of the steady state. Under more general conditions, we show numerically that the optimal commitment policy remains very close to strict inflation targeting.
主题International Macroeconomics
关键词monetary policy Monopolistic competition State-dependent pricing
URLhttps://cepr.org/publications/dp9846
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/538680
推荐引用方式
GB/T 7714
Anton Nakov,Carlos Thomas. DP9846 Optimal Monetary Policy with State-Dependent Pricing. 2014.
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