| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22133 |
| 来源ID | Working Paper 22133 |
| On the Optimal Inflation Rate | |
| Markus K. Brunnermeier; Yuliy Sannikov | |
| 发表日期 | 2016-04-04 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | In our incomplete markets economy financial frictions affect the optimal inflation target. Households choose portfolios consisting of risky (uninsurable) capital and money. Money is a bubbly store of value. The market outcome is constrained Pareto inefficient due to a pecuniary externality. Each individual agent takes the real interest rate as given, while in the aggregate it is driven by the economic growth rate, which in turn depends on individual portfolio decisions. Higher inflation due to higher money growth lowers the real interest rate (on money) and tilts the portfolio choice towards physical capital investment. The optimal inflation target boosts growth and welfare and is higher for emerging market economies. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Monetary Policy |
| URL | https://www.nber.org/papers/w22133 |
| 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/579806 |
| 推荐引用方式 GB/T 7714 | Markus K. Brunnermeier,Yuliy Sannikov. On the Optimal Inflation Rate. 2016. |
| 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 | ||
| w22133.pdf（422KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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