Optimal Monetary Policy and the Sources of Local-Currency Price Stability
Optimal Monetary Policy and the Sources of Local-Currency Price Stability
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最优货币政策与本币价格稳定的根源
DOI：
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发表时间：
2007
期刊：
影响因子：
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通讯作者：
S. Leduc
中科院分区：
文献类型：
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作者：
G. Corsetti;Luca Dedola;S. Leduc
我们分析了在上游生产商与向消费者销售最终产品的下游企业战略性互动的经济体中，进口的本币价格稳定所产生的政策权衡。我们研究了交错的价格设置在下游水平上的最优价格（和标记）由上游生产商选择的影响，并表明，下游的价格变动影响上游生产商的期望标记，放大他们的价格响应冲击。我们重新审视了最优货币政策的国际维度，揭示了支持消费者价格稳定作为货币政策主要处方的论点。由于稳定的消费者价格会反馈给上游生产商的低波动性加价，这包含了对边界一价定律的低效偏离。然而，不同CPI组成部分的有效稳定通常不会导致整体通胀的完美稳定。国家政策最好以类似的方式应对同样的冲击，从而遏制贸易条件的波动，但不一定是真实的汇率的波动。除其他外，后者的波动性更大，因为支出中的本土偏向和消费品中的本地投入内容越大。
We analyze the policy trade-offs generated by local currency price stability of imports in economies where upstream producers strategically interact with downstream firms selling the final goods to consumers. We study the effects of staggered price setting at the downstream level on the optimal price (and markup) chosen by upstream producers and show that downstream price movements affect the desired markup of upstream producers, magnifying their price response to shocks. We revisit the international dimensions of optimal monetary policy, unveiling an argument in favour of consumer price stability as the main prescription for monetary policy. Since stable consumer prices feed back into a low volatility of markups among upstream producers, this contains inefficient deviations from the law of one price at the border. However, efficient stabilization of different CPI components will not generally result into perfect stabilization of headline inflation. National policies optimally respond to the same shocks in a similar way, thus containing volatility of the terms of trade, but not necessarily of the real exchange rate. The latter will be more volatile, among other things, the larger the home bias in expenditure and the content of local inputs in consumer goods.