WHICH INFLATION TO TARGET? A SMALL OPEN ECONOMY WITH STICKY WAGES
WHICH INFLATION TO TARGET? A SMALL OPEN ECONOMY WITH STICKY WAGES
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目标通胀率是多少？
DOI：
10.1017/s1365100512000314
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发表时间：
2012
影响因子：
0.9
通讯作者：
Alessia Campolmi
中科院分区：
文献类型：
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作者：
Alessia Campolmi
稳定物价通胀是货币政策的目标之一，这一点已达成共识。但是，在一个开放的经济体中，两种通胀指标并存：国内通胀和消费者价格通胀。这两个变量中的哪一个应该是目标变量？大多数新的开放经济宏观经济学(NOEM)文献都建议，货币当局应该稳定国内通胀。这与许多以通胀为目标的央行将消费者物价指数(CPI)通胀作为目标变量的做法形成鲜明对比。本文指出，NOEM文献中的标准结果是在弹性工资的简化假设下得出的。将粘性工资纳入其他标准的小型开放经济模型，被证明使CPI通胀目标合理化。这一结论对包括贸易弹性在内的关键参数的变化是稳健的。
There is common agreement on price inflation stabilization being one of the objectives of monetary policy. But, in an open economy, two alternative measures of inflation coexist: domestic inflation and consumer price inflation. Which of the two should be the target variable? Most of the new open economy macroeconomics (NOEM) literature suggests that the monetary authority should stabilize domestic inflation. This is in sharp contrast with the practice of many inflation-targeting central banks that are using consumer price index (CPI) inflation as target variable. The paper shows that the standard result in the NOEM literature is derived under the simplifying assumption of flexible wages. The inclusion of sticky wages in an otherwise standard small open economy model is shown to rationalize CPI inflation targeting. This conclusion is robust to changes in key parameters, including the trade elasticity.