Wage or price-based inflation? Alternative targets in optimal monetary policy rules

Massimiliano Marzo

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Wage or price-based inflation? Alternative targets in optimal monetary policy rules

机译：工资还是基于价格的通货膨胀？最优货币政策规则中的替代目标

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In this paper the optimality of a specific variant of monetary policy rules a la Taylor is tested within a general equilibrium monetary model with both nominal and real rigidities. The traditional Taylor rule is amended by the inclusion of the growth rate of nominal wage, or 'wage inflation'. Nominal rigidities are inserted via quadratic adjustment costs for both prices and wages a la Rotemberg [1982. Sticky prices in the United States. Journal of Political Economy 90,1187-1211] and Kim [2000. Constructing and estimating a realistic optimizing model of monetary policy. Journal of Monetary Economics 45, 329-359], Cost of capital adjustment together with a positive steady state inflation rate allow the model to match the main empirical facts about US economy. The model is solved by using a second order approximation around the non-stochastic steady state, as in Kim et al. [2008. Calculating and using second order accurate solutions of discrete time dynamic equilibrium models. Journal of Economic Dynamics and Control 32 (11), 3397-3414]. The welfare metric is offered by the second order expansion of the utility function conditional to the non-stochastic steady state. The results show that wage inflation targeting is welfare improving when coupled with inflation targeting. Moreover, optimal monetary rules include also a positive coefficient for output targeting, as the need to smooth out quantity adjustments induced by real and nominal rigidities. Similar results occurs when both targets are in expected value one period-ahead. The model shows good in sample and out of sample properties.

机译：在本文中，在具有名义和实际刚性的一般均衡货币模型中测试了泰勒货币政策规则特定变体的最优性。传统的泰勒规则通过包含名义工资或“工资通胀”的增长率进行了修订。通过对价格和工资的二次调整成本来插入名义刚性，如la Rotemberg [1982年。美国的粘性价格。政治经济学杂志90,1187-1211]和Kim [2000。构建和估算现实的货币政策优化模型。货币经济学杂志45，329-359]，资本调整成本与正的稳态通货膨胀率一起使该模型与有关美国经济的主要经验事实相匹配。如Kim等人所述，通过使用围绕非随机稳态的二阶近似来求解模型。 [2008。计算和使用离散时间动态平衡模型的二阶精确解。经济动力学与控制学报32（11），3397-3414]。福利度量是由对非随机稳态有条件的效用函数的二阶展开提供的。结果表明，与通胀目标结合使用时，工资通胀目标可以改善福利。此外，最佳货币规则还包括用于产出目标的正系数，因为需要消除由实际和名义刚性引起的数量调整。当两个目标都提前一个时期达到期望值时，也会发生类似的结果。该模型显示出良好的样本性质和样本外性质。

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来源
《Journal of Economic Dynamics and Control》 |2009年第6期|1296-1313|共18页
作者
Massimiliano Marzo;
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作者单位

Dipartimento di Scienze Economiche, Universita di Bologna, 2, Piazza Scaravilli, 40126 Bologna, Italy;

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正文语种 eng
中图分类
关键词
welfare; nominal and real rigidities; capital accumulation; inflation targeting; output targeting;

机译：福利;名义和实际刚性;资本积累;通胀目标;输出定位;

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机译：在本文中，我们分析了DsGE新凯恩斯主义模型，该模型具有明显的劳动力，其中企业可能属于两个不同的最终产品生产部门，其中工资和就业是在竞争性劳动力市场中确定的，而工资和就业是由工资和就业导致的。工会和公司之间的合同过程。企业和垄断联盟之间的讨价还价意味着模型中的实际工资刚性，反过来，产出稳定和通货膨胀稳定之间的内生权衡。我们表明，生产率冲击对通货膨胀的负面影响以及成本推动冲击的积极影响，主要取决于属于竞争部门的企业比例。这个数字越大，这些效果越小。我们得出一个基于福利的目标函数作为经济代理人的预期效用的二阶泰勒近似，我们分析最优货币政策。我们表明，属于竞争性行业的企业数量越大，名义利率对外生生产率和成本推动冲击的反应就越小。但是，如果我们考虑利率必须对通胀预期作出反应的工具规则，则该规则不受劳动力市场结构的影响。该模型的结果与宏观经济学中众所周知的经验规律一致，即就业波动率大于实际工资波动率。

Wage or price-based inflation? Alternative targets in optimal monetary policy rules

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