G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w17489
来源IDWorking Paper 17489
Optimal Monetary Policy with Endogenous Entry and Product Variety
Florin O. Bilbiie; Ippei Fujiwara; Fabio Ghironi
发表日期2011-10-06
出版年2011
语种英语
摘要We show that deviations from long-run stability of product prices are optimal in the presence of endogenous producer entry and product variety in a sticky-price model with monopolistic competition in which price stability would be optimal in the absence of entry. Specifically, a long-run positive (negative) rate of inflation is optimal when the benefit of variety to consumers falls short of (exceeds) the market incentives for creating that variety under flexible prices, governed by the desired markup. Plausible preference specifications and parameter values justify a long-run inflation rate of two percent or higher. Price indexation implies even larger deviations from long-run price stability. However, price stability (around this non-zero trend) is close to optimal in the short run, even in the presence of time-varying flexible-price markups that distort the allocation of resources across time and states. The central bank uses its leverage over real activity in the long run, but not in the short run. Our results point to the need for continued empirical research on the determinants of markups and investigation of the benefit of product variety to consumers.
主题Macroeconomics ; Business Cycles ; Monetary Policy
URLhttps://www.nber.org/papers/w17489
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/575164
推荐引用方式
GB/T 7714
Florin O. Bilbiie,Ippei Fujiwara,Fabio Ghironi. Optimal Monetary Policy with Endogenous Entry and Product Variety. 2011.
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
w17489.pdf(1222KB)智库出版物 限制开放CC BY-NC-SA浏览
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Florin O. Bilbiie]的文章
[Ippei Fujiwara]的文章
[Fabio Ghironi]的文章
百度学术
百度学术中相似的文章
[Florin O. Bilbiie]的文章
[Ippei Fujiwara]的文章
[Fabio Ghironi]的文章
必应学术
必应学术中相似的文章
[Florin O. Bilbiie]的文章
[Ippei Fujiwara]的文章
[Fabio Ghironi]的文章
相关权益政策
暂无数据
收藏/分享
文件名: w17489.pdf
格式: Adobe PDF
此文件暂不支持浏览

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。