| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w14870 |
| 来源ID | Working 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 |
| URL | https://www.nber.org/papers/w14870 |
| 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/572545 |
| 推荐引用方式 GB/T 7714 | S. Boragan Aruoba,Frank Schorfheide. Sticky Prices Versus Monetary Frictions: An Estimation of Policy Trade-offs. 2009. |
| 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 | ||
| w14870.pdf（583KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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