...
  • 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 >Estimation and control of an optimization-based model with sticky prices and wages
【24h】

Estimation and control of an optimization-based model with sticky prices and wages

机译：具有粘性价格和工资的基于优化的模型的估计和控制

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

This paper provides estimates of an optimization-based equilibrium model with sticky prices and wages. The estimated model is used to analyse the welfare properties of various interest rate rules for conducting monetary policy. An important feature of this model is that it involves a tradeoff between the variances of price and wage inflation and the output gap. This tradeoff implies that it is desirable for the monetary authority to respond to wage inflation, in addition to price inflation, output, and past interest rates, when setting the current interest rate. The issue whether wages and prices can be indexed to steady-state inflation has important implications both for the characterization of optimal interest rate rules and interest rate volatility. In particular, optimal policy in the presence of indexation induces implausibly high steady-state inflation.
机译：本文提供了具有粘性价格和工资的基于优化的均衡模型的估计。估计模型用于分析执行货币政策的各种利率规则的福利性质。该模型的一个重要特征是，它涉及价格和工资通胀的方差与产出缺口之间的权衡。这种权衡意味着，在设定当前利率时，除了价格通胀，产出和过去利率之外，货币当局还希望对工资通胀做出反应。工资和价格是否可以与稳态通货膨胀挂钩的问题，对最优利率规则的表征和利率波动都具有重要意义。特别是，在存在索引的情况下的最佳政策会令人难以置信地导致较高的稳态通货膨胀。

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