Policies on Stabilizing Inflation Targeting in a Multi-region Economy

机译：多地区经济中稳定通货膨胀目标的政策

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This article constructs a multi-region optimizing model, and shows that the central bank should stabilize an optimal inflation index in which the weight of a region depends on the degree of its nominal stickiness, the volatility of its idiosyncratic shock and the sensitivity of its economic activity to the whole economy.

机译：本文构建了一个多区域优化模型，并表明中央银行应稳定一个最优的通胀指数，该区域的权重取决于其名义粘性程度，其特质震荡的波动性及其经济敏感性。整个经济活动。

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来源
《"Statistical Model and Regional Economic Development in West China: Trade, Investment and the WTO" International Conference Thesis Collection》|2005年|386-392|共7页
会议地点 Beijing(CN)
作者
Cécile Ginane; rnBertrand Dumont; rnAnne Farruggia; rnLaurent Lanore; rnPascal Carrère;
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作者单位

Zhang Guangxian@Capital University of Economics and Business Beijing 100026--;

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会议组织
原文格式 PDF
正文语种 eng
中图分类贸易经济;
关键词
New Keynesian; Inflation Targeting System; Optimal Monetary Policy;

机译：新凯恩斯主义；通胀目标体系；最优货币政策;

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专利

1. Inflation volatility, monetary policy signaling and clarity of the central bank communication: Evidence from an inflation targeting emerging economy [J] . RodolfoNicolay, Ana Jordâniade Oliveira Journal of economic studies . 2019,第2期

机译：通胀波动，货币政策信号和中央银行沟通的清晰度：针对新兴经济体的通胀证据
2. Inflation volatility, monetary policy signaling and clarity of the central bank communication: Evidence from an inflation targeting emerging economy [J] . RodolfoNicolay, Ana Jordâniade Oliveira Journal of economic studies . 2019,第2期

机译：通货膨胀波动，货币政策信令和中央银行通信的清晰度：来自抵御新兴经济的通货膨胀的证据
3. The impact of exchange rate volatility on inflation targeting monetary policy in emerging and advanced economies [J] . Keefe Helena Glebocki International finance . 2020,第3期

机译：汇率波动对新兴和发达经济体的货币政策的影响
4. Pass-through Effect from Exchange Rates to the Prices in the Framework of Inflation Targeting Policy: A Comparison of Asia-Pacific, South American and Turkish Economies [C] . Murat KARAGOZ, Baki DEMIREL, Emre Guneser BOZDAG istanbul conference of economics and finance . 2017

机译：通货膨胀框架框架上的汇率效应从汇率达到价格：亚太，南美洲和土耳其经济体的比较
5. Inflation targeting, optimal monetary policy, and exchange rates rate rules in a small open economy. [D] . Parrado Herrera, Eric Charles. 2000

机译：小型开放经济体中的通货膨胀目标，最佳货币政策和汇率规则。
6. Inflation targeting or exchange rate targeting: Which framework supports the goal of price stability in emerging market economies? [O] . Nora Abu Asab, Juan Carlos Cuestas, Alberto Montagnoli 2012

机译：以通胀为目标或以汇率为目标：哪个框架支持新兴市场经济体的价格稳定目标？
7. Financial Development and the Distributional Effects of Monetary Policy Do the distributional consequences of monetary policy depend on the extent of financial development? Should optimal monetary policy vary across countries? In order to answer these questions, we develop a monetary growth production model with heterogeneous agents. In our economy, optimal policy needs to weigh the effects of policy across two groups — capital owners and individuals who hold liquid assets. While banks help limit the exposure to inflation, there are limits because money alleviates the frictions of private information and limited communication. In this environment, we compare two economies that are identical in every aspect except for their level of financial development. In a country with limited financial development, a stock market is absent. In the other, an equity market is active. In either economy, inflation adversely affects capital formation and output. Individuals who hold liquid assets are always adversely affected by inflation, but the attitude of capital owners depends on the level of financial development. In particular, in the presence of a stock market, the impact of inflation on the welfare of capital owners is non-monotonic. Nevertheless, optimal monetary policy is always more conservative at higher levels of financial development. [O] . TINA M. Edgar A. Ghossoub, TINA M. Robert R. Reedy 100

机译：金融发展和货币政策的分配效应货币政策的分配后果是否取决于金融发展的程度？各国的最优货币政策应该不同吗？为了回答这些问题，我们开发了一个具有异构代理的货币增长生产模型。在我们的经济中，最优政策需要权衡两个群体的政策效应 - 资本所有者和持有流动资产的个人。虽然银行帮助限制通胀风险，但存在限制，因为资金减轻了私人信息的摩擦和有限的沟通。在这种环境下，我们比较两个经济体在各个方面都是相同的，除了它们的金融发展水平。在金融发展有限的国家，缺乏股票市场。另一方面，股票市场活跃。在任一经济体中，通胀都会对资本形成和产出产生不利影响持有流动资产的个人总是受到通货膨胀的不利影响，但资本所有者的态度取决于金融发展的水平。特别是，在股票市场存在的情况下，通货膨胀对资本所有者福利的影响是非单调的。尽管如此，在较高的金融发展水平下，最优货币政策总是更加保守。

Policies on Stabilizing Inflation Targeting in a Multi-region Economy

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