G2TT
来源类型Discussion paper
规范类型论文
来源IDDP16828
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
URLhttps://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.
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