| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w9557 |
| 来源ID | Working Paper 9557 |
| Inflation Inertia and Credible Disinflation - The Open Economy Case | |
| Guillermo Calvo; Oya Celasun; Michael Kumhof | |
| 发表日期 | 2003-03-17 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | This paper develops a model of inflation inertia based on optimizing forward looking staggered price setting in a small open economy. Unlike in current models of sticky prices, transitions to a lower steady state inflation rate take time even if they are fully credible, and they are associated with significant output losses. There is a welfare trade-off between these output losses and the gains from smaller inflationary distortions. For reasonable parameter values inflation stabilization improves welfare. The optimal steady state is reached at the Friedman rule. Technical appendices are available at www.nber.org/data-appendix/w9557/ inert-techapp.pdf |
| 主题 | Macroeconomics ; Business Cycles ; Monetary Policy |
| URL | https://www.nber.org/papers/w9557 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/567179 |
| 推荐引用方式 GB/T 7714 | Guillermo Calvo,Oya Celasun,Michael Kumhof. Inflation Inertia and Credible Disinflation - The Open Economy Case. 2003. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w9557.pdf（404KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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