The Optimal Inflation Rate with Discount Factor Heterogeneity
The Optimal Inflation Rate with Discount Factor Heterogeneity
复制标题
具有折扣因子异质性的最优通货膨胀率
DOI：
10.17016/feds.2018.086
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发表时间：
2018
期刊：
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通讯作者：
Antoine Lepetit
中科院分区：
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作者：
Antoine Lepetit
本文表明，从长期价格稳定的偏差是最优的价格粘性的存在时，利润和效用流的贴现率不同。在这种情况下，货币当局根据承诺行事，将选择一条以非零值结束的通货膨胀率路径。这种性质与广泛的宏观经济环境有关。我首先通过研究具有永久青年结构的新凯恩斯主义模型中的最优货币政策来说明这一点。在这种情况下，利润流的贴现率高于公用事业流，最佳通胀目标在模型的基线校准中等于3.2%。我还表明，这一属性导致一个积极的长期通货膨胀率的模型与公司进入和退出，并在劳动力市场的搜索和匹配摩擦和另一种形式的名义刚性，工资粘性的环境。
This paper shows that deviations from long-run price stability are optimal in the presence of price stickiness whenever profit and utility flows are discounted at a different rate. In that case, a monetary authority acting under commitment will choose a path for the inflation rate that ends with a non-zero value. Such a property is relevant in a wide range of macroeconomic environments. I first illustrate this by studying optimal monetary policy in a New Keynesian model with a perpetual youth structure. In this setting, profit flows are discounted more heavily than utility flows and the optimal inflation target is equal to 3.2 percent in a baseline calibration of the model. I also show that this property leads to a positive long-run inflation rate in models with firm entry and exit and in environments with search and matching frictions in the labor market and another form of nominal rigidity, wage stickiness.
工作论文：Tang_Zhang_2020（参见下面的网址）
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