...
  • 主题
高级搜索  >
历史搜索 清空历史
首页> 外文期刊>Journal of Economic Dynamics and Control >Monetary policy for rationally inattentive economies with staggered price setting
【24h】

Monetary policy for rationally inattentive economies with staggered price setting

机译：定价不合理的合理性不专心的经济体的货币政策

获取原文
获取原文并翻译 | 示例
           
页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

The paper examines the optimal monetary policy when firms are constrained by information processing capability and infrequent price adjustments. Firms' information processing limit gives rise to imperfect knowledge about macroeconomic aggregates and endogenous information learning contingent on the monetary policy. Staggered price setting introduces the observed price duration and additional policy tradeoffs resulting from the interactions between nominal rigidities and imperfect information processing. The integrated model implies an optimal policy that commits to complete price stabilization in response to natural rate shocks but not in response to markup shocks. In the presence of markup shocks, it is optimal for the central bank to focus on price stabilization in the initial periods following markup shocks and shifts the emphasis to output gap stabilization later. Moreover, larger information capacity, stronger complementarities and more persistent shocks require more aggressive price stabilization in the short-run.
机译：当企业受到信息处理能力和不经常的价格调整的约束时，本文研究了最优货币政策。企业的信息处理限制导致对宏观经济总量的不完全了解以及取决于货币政策的内生信息学习。交错的价格设置会引入观察到的价格持续时间，以及由于名义刚性和不完善的信息处理之间的相互作用而导致的其他政策折衷。集成模型暗示了一种最优政策，该政策致力于完全响应自然利率冲击而实现价格稳定，而不是响应加价冲击。在存在加息冲击的情况下，最理想的是，央行在加息冲击后的最初阶段将重点放在价格稳定上，然后再将重点转移到产出缺口的稳定上。此外，更大的信息容量，更强的互补性和更持久的冲击需要短期内更积极的价格稳定。

著录项

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号