NBER WORKING PAPER SERIES OPTIMAL MONETARY POLICY WITH ENDOGENOUS ENTRY AND PRODUCT VARIETY
NBER WORKING PAPER SERIES OPTIMAL MONETARY POLICY WITH ENDOGENOUS ENTRY AND PRODUCT VARIETY
复制标题
NBER 系列工作论文 内生进入和产品多样性的最优货币政策
DOI：
--
复制
发表时间：
2011
期刊：
影响因子：
--
通讯作者：
Fabio Ghironi
中科院分区：
文献类型：
--
作者：
Ippei Fujiwara;Fabio Ghironi
我们表明，在垄断竞争的粘性价格模型中，当存在内生生产者进入和产品多样性的情况下，偏离产品价格的长期稳定性是最优的，在没有进入的情况下，价格稳定性将是最优的。具体来说，当品种对消费者的好处低于（超过）在灵活价格下创造该品种的市场激励（受期望加价控制）时，长期正（负）通货膨胀率是最佳的。合理的偏好规格和参数值证明了 2% 或更高的长期通货膨胀率是合理的。价格指数化意味着与长期价格稳定的更大偏差。然而，价格稳定性（围绕这种非零趋势）在短期内接近最优，即使存在随时间变化的灵活价格加成，扭曲跨时间和跨州的资源分配。从长远来看，央行会利用其对实际活动的杠杆作用，但不会在短期内使用。我们的结果表明需要继续对加价的决定因素进行实证研究，并调查产品多样性对消费者的好处。 Florin O. Bilbiie Université Paris 1 Panthéon-Sorbonne Centre d’Economie de la Sorbonne 106/112 Boulevard de l'Hôpital 75647 Paris Cedex 13 France florin.bilbiie@univ-paris1.fr Ippei Fujiwara 澳大利亚国立大学 Crawford 经济与政府学院 Lennox Crossing, Building #132 Canberra ACT 0200，澳大利亚 ippei.fujiwara@anu.edu.au Fabio Ghironi 波士顿学院 经济系 140 Commonwealth Avenue Chestnut Hill, MA 02467-3859 美国和 NBER fabio.ghironi@bc.edu
We show that deviations from long-run stability of product prices are optimal in the presence of endogenous producer entry and product variety in a sticky-price model with monopolistic competition in which price stability would be optimal in the absence of entry. Specifically, a long-run positive (negative) rate of inflation is optimal when the benefit of variety to consumers falls short of (exceeds) the market incentives for creating that variety under flexible prices, governed by the desired markup. Plausible preference specifications and parameter values justify a long-run inflation rate of two percent or higher. Price indexation implies even larger deviations from long-run price stability. However, price stability (around this non-zero trend) is close to optimal in the short run, even in the presence of time-varying flexible-price markups that distort the allocation of resources across time and states. The central bank uses its leverage over real activity in the long run, but not in the short run. Our results point to the need for continued empirical research on the determinants of markups and investigation of the benefit of product variety to consumers. Florin O. Bilbiie Université Paris 1 Panthéon-Sorbonne Centre d’Economie de la Sorbonne 106/112 Boulevard de l'Hôpital 75647 Paris Cedex 13 France florin.bilbiie@univ-paris1.fr Ippei Fujiwara Australian National University Crawford School of Economics and Government Lennox Crossing, Building #132 Canberra ACT 0200, Australia ippei.fujiwara@anu.edu.au Fabio Ghironi Boston College Department of Economics 140 Commonwealth Avenue Chestnut Hill, MA 02467-3859 United States and NBER fabio.ghironi@bc.edu