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首页> 外文期刊>Journal of Economic Dynamics and Control >Monetary policy when wages are downwardly rigid: Friedman meets Tobin
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Monetary policy when wages are downwardly rigid: Friedman meets Tobin

机译：工资水平下降时的货币政策：弗里德曼遇见托宾

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摘要

Monetary policy in an economy with both downwardly rigid wages and a transaction motive for money demand is studied using a dynamic stochastic general equilibrium model. The two key features of the model imply that both Tobin's "inflation grease" argument and Friedman's rule are operative, and so optimal inflation may be positive or negative. The Simulated Method of Moments is used to estimate the nonlinear model based on its second-order approximation. Results indicate that the Ramsey policy that maximizes social welfare involves an average inflation rate of about 0.4% per year. In the more realistic case where a central banker follows a simple targeting policy, the optimal inflation target is about 1% per year. We view this result as providing support for the low, but strictly positive, inflation targets used in many countries.
机译：使用动态随机一般均衡模型研究了同时具有刚性下降的工资和满足货币需求的交易动机的经济体中的货币政策。该模型的两个主要特征意味着，托宾的“通货膨胀油脂”论点和弗里德曼规则都是有效的，因此最优通货膨胀可能为正也可能为负。矩量的模拟方法用于基于其二阶逼近来估计非线性模型。结果表明，使社会福利最大化的拉姆齐政策涉及每年约0.4％的平均通货膨胀率。在更现实的情况下，如果中央银行遵循简单的目标定位政策，则最佳通胀目标约为每年1％。我们认为这一结果为许多国家使用的低但严格为正的通货膨胀目标提供了支持。

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