全球智库信息集成服务系统(G2TT): DP16828 The Case for a Positive Euro Area Inflation Target: Evidence from France, Germany and Italy

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP16828
	DP16828 The Case for a Positive Euro Area Inflation Target: Evidence from France, Germany and Italy
	Klaus Adam; Erwan Gautier; Sergio Santoro; Henning Weber
发表日期	2021-12-20
出版年	2021
语种	英语
摘要	Using the micro price data underlying the Harmonized Index of Consumer Prices, we estimate relative price trends over the product life cycle in France, Germany and Italy. We show that minimizing the welfare consequences of relative price distortions in the presence of these trends requires targeting a significantly positive inflation rate: the steady-state inflation rate jointly maximizing welfare in all three countries ranges between 1.1%-1.7%. The optimal target range for individual countries is 1.1%-2.1% in France, 1.2%-2.0% in Germany and 0.8%-1.0% in Italy. Differences across countries emerge due to systematic differences in the strength of relative price trends. The welfare costs associated with targeting an inflation rate of zero in the Euro Area, as suggested by standard monetary models without relative price trends, amount to 4.5% of consumption in present-value terms.
主题	Monetary Economics and Fluctuations
关键词	Welfare Optimal inflation target Micro price trends
URL	https://cepr.org/publications/dp16828
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/545754
推荐引用方式 GB/T 7714	Klaus Adam,Erwan Gautier,Sergio Santoro,et al. DP16828 The Case for a Positive Euro Area Inflation Target: Evidence from France, Germany and Italy. 2021.