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首页> 外文期刊>Journal of Economic Dynamics and Control >Optimal discretionary monetary policy in a micro-founded model with a zero lower bound on nominal interest rate
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Optimal discretionary monetary policy in a micro-founded model with a zero lower bound on nominal interest rate

机译：在名义利率下限为零的微观基础模型中的最佳酌处性货币政策

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This paper investigates optimal discretionary monetary policy under the zero lower bound on the nominal interest rate (ZLB) in the case of a distorted steady state due to monopoly and taxation. Solving a fully nonlinear micro-founded (FNL) model using a global method, I find that the central bank in a more distorted economy would cut the interest rate less aggressively under a particularly adverse demand shock. This occurs because inflation and nominal interest rates are higher on average, making the ZLB less likely to bind and causing the economy to escape from the ZLB sooner. However, the social planner would choose the optimal inflation rate of approximately zero. The result emerges because the unconditional benefit of avoiding the ZLB is not big enough to offset the cost of higher relative price dispersion when inflation is significantly positive. In addition, I show that the conventional linear-quadratic (LQ) method is inaccurate in the case of a sufficiently distorted steady state.
机译：本文研究了在垄断和税收导致稳定状态扭曲的情况下，名义利率（ZLB）为零下限的最优自由裁量性货币政策。通过使用全局方法求解完全非线性的微观基础（FNL）模型，我发现在扭曲程度更大的经济中，中央银行在特别不利的需求冲击下将不太积极地降低利率。发生这种情况的原因是，通货膨胀率和名义利率平均较高，使得ZLB约束的可能性降低，并导致经济更快地脱离ZLB。但是，社会计划者会选择大约为零的最佳通货膨胀率。之所以出现该结果，是因为当通货膨胀显着为正时，避免ZLB的无条件收益不足以抵消较高的相对价格离散度的成本。另外，我证明了在充分失真的稳态情况下，传统的线性二次（LQ）方法是不准确的。

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