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Optimal Monetary Policy

机译：最优货币政策

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摘要

Optimal monetary policy maximizes the welfare of a representative agent,given firictions in the economic environment.Constructing a model with two sets of frictions-costly price adjustment by imperfectly competitive firms and costly exchange of wealth for goods-we find optimal monetary policy is governed by two familiar principles.First,the average level of the nominal interest rate should be sufficiently low,as suggested by Miilton Friedman,that there should be deflation on average.Yet,the Keynesian frictions imply that the optimal nominal interest rate is positive.Second,as various shocks occur to the real and monetary sectors,the price level should the largely stabilized,as suggested by Irving Fisher,albeit around a deflationary trend path.Since expected inflation is roughly constant through time,the nominal interest rate must therefore vary with the Fisherian determinants of the real interest rate.Although the monetary authority has substantial leverage over real activity in our model economy,it chooses real allocations that closely resemble those which would occur if prices were flexible.In our benchmark model,there is some tendency for the monetary authority of smooth nominal and real interest rates.
机译：最优货币政策在经济环境中给与了最大的回报，从而最大化了代表代理人的福利。构建具有两类摩擦的模型-不完全竞争的公司进行成本高昂的价格调整，以及进行商品成本高昂的财富交换-我们发现最优货币政策受以下因素支配有两个常见的原理。首先，如Miilton Friedman所建议，名义利率的平均水平应足够低，以至于平均应出现通缩。然而，凯恩斯主义的摩擦暗示最优名义利率为正。其次，正如欧文·费舍尔（Irving Fisher）所建议的那样，随着对房地产和货币部门的各种冲击，价格水平应在很大程度上趋于稳定，尽管围绕通货紧缩趋势路径。由于预期的通货膨胀在时间上大致是恒定的，因此名义利率必须随汇率的变化而变化。渔业实际利率的决定因素。尽管货币当局对我们货币市场中的实际活动具有重大影响经济上，它选择的真实分配与价格灵活时的分配非常相似。在我们的基准模型中，货币当局存在一定的趋势，即名义利率和实际利率会保持平稳。

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