Gaps and Triangles
Gaps and Triangles
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缺口和三角形
DOI：
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发表时间：
2001
期刊：
影响因子：
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通讯作者：
Pedro Teles
中科院分区：
文献类型：
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作者：
Bernardino Adão;Isabel Correia;Pedro Teles
我们在一个真实的商业周期模型中推导出了最优短期货币政策的原理，模型中有货币和垄断企业提前一个时期设定价格。唯一的扭曲性政策工具是名义利率和货币供应量。在这种环境下，取消预付款和定价限制是可行的。我们表明，最优分配下实现弗里德曼规则。我们还表明，在一般情况下，这是不是最佳的取消价格的限制，提前一个时期。粘性价格为计划者提供了改善扭曲的灵活价格分配的工具。
We derive principles of optimal short run monetary policy in a real business cycles model, with money and with monopolistic firms that set prices one period in advance. The only distortionary policy intruments are the nominal interest rates and the money supplies. In this environment it is feasible to undo both the cash in advance and the price setting restrictions. We show that the optimal allocation is achieved under the Friedman rule. We also show that, in general, it is not optimal to undo the restriction that prices are set one period in advance. Sticky prices provide the planner with tools to improve upon a distorted flexible prices allocation.