| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w17489 |
| 来源ID | Working 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 |
| URL | https://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 | ||
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