| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16093 |
| 来源ID | Working Paper 16093 |
| The Optimal Inflation Rate in New Keynesian Models | |
| Olivier Coibion; Yuriy Gorodnichenko; Johannes F. Wieland | |
| 发表日期 | 2010-06-17 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | We study the effects of positive steady-state inflation in New Keynesian models subject to the zero bound on interest rates. We derive the utility-based welfare loss function taking into account the effects of positive steady-state inflation and show that steady-state inflation affects welfare through three distinct channels: steady-state effects, the magnitude of the coefficients in the utility-function approximation, and the dynamics of the model. We solve for the optimal level of inflation in the model and find that, for plausible calibrations, the optimal inflation rate is low, less than two percent, even after considering a variety of extensions, including price indexation, endogenous price stickiness, capital formation, model-uncertainty, and downward nominal wage rigidities. On the normative side, price level targeting delivers large welfare gains and a very low optimal inflation rate consistent with price stability. |
| 主题 | Macroeconomics ; Business Cycles ; Money and Interest Rates ; Monetary Policy |
| URL | https://www.nber.org/papers/w16093 |
| 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/573768 |
| 推荐引用方式 GB/T 7714 | Olivier Coibion,Yuriy Gorodnichenko,Johannes F. Wieland. The Optimal Inflation Rate in New Keynesian Models. 2010. |
| 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 | ||
| w16093.pdf（632KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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