The Optimal Rate of Inflation with Trending Relative Prices
The Optimal Rate of Inflation with Trending Relative Prices
复制标题
相对价格趋势的最佳通货膨胀率
DOI：
10.2139/ssrn.2188515
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发表时间：
2009
期刊：
影响因子：
--
通讯作者：
Alexander L. Wolman
中科院分区：
文献类型：
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作者：
Alexander L. Wolman
不同种类的消费品的相对价格是随时间变化的。假设它们在货币政策方面是外生的，这些趋势意味着货币政策不能稳定所有消费类别的价格。如果价格具有粘性，那么货币政策就必须在不同消费类别中平衡相对价格扭曲。最理想的是，应更加重视稳定弹性较小的商品和服务价格。将一个简单的粘性价格模型与美国的数据进行校准，我们发现即使没有导致货币需求的交易摩擦，轻微的通货紧缩也是最优的。通缩的最优性来自于这样一个事实，即服务业的相对价格一直呈上升趋势，而服务业的名义价格似乎没有那么灵活。
The relative prices of different categories of consumption goods have been trending over time. Assuming they are exogenous with respect to monetary policy, these trends imply that monetary policy cannot stabilize the prices of all consumption categories. If prices are sticky, monetary policy then must trade off relative price distortions within different categories of consumption. Optimally, more weight should be placed on stabilizing goods and services prices that are less flexible. Calibrating a simple sticky price model to U.S. data, we find that slight deflation is optimal, even absent transactions frictions leading to a demand for money. Optimality of deflation derives from the fact that relative prices have been trending up for services, whose nominal prices seem to be less flexible.