| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w26602
|
| 来源ID | Working Paper 26602
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| Monetary Policy in an Era of Global Supply Chains |
| Shang-Jin Wei; Yinxi Xie
|
| 发表日期 | 2020-01-06
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| 出版年 | 2020
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| 语种 | 英语
|
| 摘要 | We study the implications of global supply chains for the design of monetary policy, using a small-open economy New Keynesian model with multiple stages of production. Within the family of simple monetary policy rules with commitment, a rule that targets separate producer price inflation at different production stages, in addition to output gap and real exchange rate, is found to deliver a higher welfare level than alternative policy rules. As an economy becomes more open, measured by the export share, the optimal weight on the upstream inflation rises relative to that on the final stage inflation. If we have to choose among aggregate price indicators, targeting PPI inflation yields a smaller welfare loss than targeting CPI inflation alone. As the production chain becomes longer, the optimal weight on PPI inflation in the policy rule that targets both PPI and CPI inflation will also rise. A trade cost shock such as a rise in the import tariff can alter the optimal weights on different inflation variables. |
| 主题 | Macroeconomics
; Monetary Policy
; International Economics
; International Macroeconomics
|
| URL | https://www.nber.org/papers/w26602
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/584275
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推荐引用方式
GB/T 7714 |
Shang-Jin Wei,Yinxi Xie. Monetary Policy in an Era of Global Supply Chains. 2020.
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文件名：
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w26602.pdf
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格式：
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Adobe PDF
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