Optimal Stabilization Policy When Wages and Prices are Sticky: The Case of a Distorted Steady State
Optimal Stabilization Policy When Wages and Prices are Sticky: The Case of a Distorted Steady State
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工资和价格粘性时的最优稳定政策：扭曲稳态的情况
DOI：
10.7916/d8zg74g4
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发表时间：
2004
期刊：
影响因子：
--
通讯作者：
M. Woodford
中科院分区：
文献类型：
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作者：
Pierpaolo Benigno;M. Woodford
Erceg et al.（2000）表明，当工资和价格都具有粘性时，期望效用最大化等价于最小化一个三项损失函数，分别涉及工资通胀、价格通胀和产出缺口的可变性。在这里，我们推广了他们的分析，最重要的是，我们没有假设存在消除商品和劳动力市场中市场力量造成的扭曲的产出和就业补贴，因此，灵活工资和价格下的均衡产出水平不一定是最优的。我们表明，二次损失函数仍然可以证明，涉及相同的三个条款，虽然有不同的相对权重和不同的定义的产出缺口。因此，发现Erceg等人的许多结论更普遍地适用。然而，我们认为，在存在显着的稳态扭曲，简单的规则，他们研究的那种可能近似最优政策不太接近他们的数值结果所建议的。
Erceg et al. (2000) show that when both wages and prices are sticky, maximization of expected utility is equivalent to minimizing a loss function with three terms, involving measures of the variability of wage inflation, price inflation and the output gap respectively. Here we generalize their analysis, most importantly by not assuming the existence of output and employment subsidies that eliminate the distortions resulting from market power in goods and labor markets, so that the equilibrium level of output under flexible wages and prices would not necessarily be optimal. We show that a quadratic loss function can still be justified that involves the same three terms, albeit with different relative weights and a different definition of the output gap. Many conclusions of Erceg et al. are thus found to apply more generally. However, we argue that in the presence of significant steady-state distortions, simple rules of the kind that they examine are likely to approximate optimal policy less closely than is suggested by their numerical results.