Optimal Fiscal and Monetary Policy with Sticky Wages and Sticky Prices
Optimal Fiscal and Monetary Policy with Sticky Wages and Sticky Prices
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具有粘性工资和粘性价格的最优财政和货币政策
DOI：
10.2139/ssrn.758426
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发表时间：
2005
期刊：
影响因子：
--
通讯作者：
S. Chugh
中科院分区：
文献类型：
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作者：
S. Chugh
当名义工资具有粘性且政府利用国家或有通货膨胀来为政府支出融资时，我们确定了价格通胀波动的最优程度。我们在一个很好理解的财政和货币政策拉姆齐模型中解决这个问题，在这个模型中，仁慈的计划者可以获得劳动所得税，名义无风险债务和货币创造。一个主要的结果是，在政府支出冲击面前，只有粘性工资才能使价格稳定成为最佳状态，在数量上与只有粘性价格相似。在生产率冲击也存在的情况下，最优通胀波动率更高，但相对于完全灵活的经济体而言，仍然受到抑制。我们的研究结果的关键是名义价格通胀和名义工资通胀之间的均衡限制，在拉姆齐模型中只具有粘性价格。我们还表明，名义利率可以用来间接征税的垄断劳动力供应商的租金。有趣的是，能够使用名义利率来实现这一目的的必要条件是生产者利润为正。总之，我们的研究结果揭示了拉姆齐财政和货币政策的特点，在劳动力市场的不完善，被广泛认为是重要的。
We determine the optimal degree of price inflation volatility when nominal wages are sticky and the government uses state-contingent inflation to finance government spending. We address this question in a well-understood Ramsey model of fiscal and monetary policy, in which the benevolent planner has access to labor income taxes, nominal riskless debt, and money creation. One main result is that sticky wages alone make price stability optimal in the face of government spending shocks, to a degree quantitatively similar as sticky prices alone. With productivity shocks also present, optimal inflation volatility is higher, but still dampened relative to the fully-flexible economy. Key for our results is an equilibrium restriction between nominal price inflation and nominal wage inflation that holds trivially in a Ramsey model featuring only sticky prices. We also show that the nominal interest rate can be used to indirectly tax the rents of monopolistic labor suppliers. Interestingly, a necessary condition for the ability to use the nominal interest rate for this purpose is positive producer profits. Taken together, our results uncover features of Ramsey fiscal and monetary policy in the presence of labor market imperfections that are widely-believed to be important.