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来源类型Working Paper
规范类型报告
DOI10.3386/w14870
来源IDWorking Paper 14870
Sticky Prices Versus Monetary Frictions: An Estimation of Policy Trade-offs
S. Boragan Aruoba; Frank Schorfheide
发表日期2009-04-08
出版年2009
语种英语
摘要We develop a two-sector monetary model with a centralized and decentralized market. Activities in the centralized market resemble those in a standard New Keynesian economy with price rigidities. In the decentralized market agents engage in bilateral exchanges for which money is essential. The model is estimated and evaluated based on postwar U.S. data. We document its money demand properties and determine the optimal long-run inflation rate that trades off the New Keynesian distortion against the distortion caused by taxing money and hence transactions in the decentralized market. Target rates of -1% or less maximize the social welfare function we consider, which contrasts with results derived from a cashless New Keynesian model.
主题Econometrics ; Estimation Methods ; Macroeconomics ; Money and Interest Rates ; Monetary Policy
URLhttps://www.nber.org/papers/w14870
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/572545
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S. Boragan Aruoba,Frank Schorfheide. Sticky Prices Versus Monetary Frictions: An Estimation of Policy Trade-offs. 2009.
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