What do New-Keynesian Phillips Curves imply for price-level targeting?
What do New-Keynesian Phillips Curves imply for price-level targeting?
复制标题
新凯恩斯主义菲利普斯曲线对于价格水平目标意味着什么？
DOI：
10.20955/wp.1999.021
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发表时间：
1999
期刊：
影响因子：
--
通讯作者：
W. Gavin
中科院分区：
文献类型：
--
作者：
R. Dittmar;W. Gavin
本文将价格水平目标分析扩展到包括新凯恩斯菲利普斯曲线在内的模型。我们研究了最优通胀和价格水平规则所隐含的通胀与产出波动的权衡。在之前对新古典菲利普斯曲线的研究中，我们发现通胀目标制和价格水平目标制之间的选择取决于产出缺口的持续程度。也就是说，如果产出缺口不太持久，或者滞后产出没有进入总供给函数，那么通胀目标优先于价格水平目标。当我们从新凯恩斯主义菲利普斯曲线开始时，产出缺口的持续程度仍然会影响通胀与产出波动权衡的相对位置。但是，与新古典主义的情况相反，即使在总供给函数中产出缺口持续较小或不存在的情况下，价格水平目标制仍然会导致产出与通胀波动性之间比通胀目标制更有利的权衡。
This paper extends the analysis of price-level targeting to a model including the New-Keynesian Phillips Curve. We examine the inflation-output variability tradeoffs implied by optimal inflation and price-level rules. In previous work with the Neoclassical Phillips Curve, we found that the choice between inflation targeting and price-level targeting depended on the amount of persistence in the output gap. That is, if the output gap was not too persistent, or if lagged output did not enter the aggregate supply function, then inflation targets were preferred to price-level targets. When we start with a New-Keynesian Phillips Curve, the amount of persistence in the output gap still affects the relative placement of the inflation-output variability tradeoff. But, contrary to the Neoclassical case, even where the persistence of the output gap in the aggregate supply function is small or nonexistent, the price-level- targeting regime still results in a more favorable tradeoff between output and inflation variability than does an inflation-targeting regime.