| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12160 |
| DP12160 Optimal Trend Inflation | |
| Klaus Adam; Henning Weber | |
| 发表日期 | 2017-07-18 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | We present a sticky-price model incorporating heterogeneous firms and systematic firm-level productivity trends. Aggregating the model in closed form, we show that it delivers radically different predictions for the optimal inflation rate than canonical sticky price models featuring homogenous firms: (1) the optimal steady-state inflation rate generically differs from zero and (2) inflation optimally responds to productivity disturbances. Using micro data from the US Census Bureau to estimate the inflation-relevant productivity trends at the firm level, we find that the optimal US inflation rate is positive. It was slightly above 2 percent in the year 1986, but continuously declined thereafter, reaching about 1 percent in the year 2013. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Optimal inflation Firm heterogeneity |
| URL | https://cepr.org/publications/dp12160 |
| 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/540972 |
| 推荐引用方式 GB/T 7714 | Klaus Adam,Henning Weber. DP12160 Optimal Trend Inflation. 2017. |
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