| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9846 |
| 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 |
| URL | https://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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