Comparing the welfare costs and initial dynamics of alternative inflation stabilization policies

Martin Uribe

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Comparing the welfare costs and initial dynamics of alternative inflation stabilization policies

机译：比较替代通货膨胀稳定政策的福利成本和初始动态

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This paper uses calibrated versions of a sticky-price currency-substitution model to compare the initial dynamics and welfare costs of three types of stabilization program: exchange-rate-based (ERB), money-based (MB), and money-based with initial reliquefication (MBR). ERB and MBR programs are found to induce an initial expansion in real activity, whereas MB programs are initially contractionary. The welfare gains of eliminating high inflation are significant under permanent ERB and MBR programs but small under permanent MB programs. In addition, temporary MB programs are shown to be much more disruptive than temporary ERB or MBR programs. These results provide an explanation for why MB programs are so rarely implemented and suggest that empirical studies that fail to distinguish MB from MBR programs are likely to be biased toward finding that stabilizations are always expansionary regardless of the nominal anchor.

机译：本文采用校准版本的粘性货币替代模型，比较三种稳定计划的初始动态和福利成本：基于汇率（ERB），基于金钱（MB）和基于金钱的初始释放（MBR）。发现ERB和MBR程序在实际活动中诱导初始扩展，而MB程序则最初是愈点的。消除高通胀的福利收益在永久ERB和MBR计划下，但在永久性MB计划下小幅。此外，临时MB程序显示比临时ERB或MBR程序更具破坏性。这些结果对为什么MB程序很少实施，并表明未能区分MB程序的经验研究可能偏向于发现稳定性始终是扩张性，而不管标称锚。

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来源
《Journal of Development Economics》 |1999年第2期|共24页
作者
Martin Uribe;
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作者单位

Department of Economics University of Pennsylvania 3718 Locust Walk Philadelphia PA 19104 USA;

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原文格式 PDF
正文语种 eng
中图分类经济;
关键词
inflation stabilization; nominal anchors; welfare analysis;

机译：通货膨胀稳定;标称锚;福利分析;

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1. Comparing the welfare costs and initial dynamics of alternative inflation stabilization policies [J] . Martin Uribe Journal of Development Economics . 1999,第2期

机译：比较替代通货膨胀稳定政策的福利成本和初始动态
2. Alternative measures of marginal cost and inflation in estimations of new Keynesian inflation dynamics [J] . Carl R. Gwin, David D. VanHoose Journal of Macroeconomics . 2008,第3期

机译：新凯恩斯主义通胀动态估计中的边际成本和通胀的替代度量
3. UNIT TOTAL COSTS: AN ALTERNATIVE MARGINAL COST PROXY FOR INFLATION DYNAMICS [J] . Bratsiotis George J., Robinson Wayne A. Macroeconomic dynamics . 2016,第7期

机译：单位总成本：通货膨胀动力学的替代边际成本代理
4. THE CHOICE OF FISCAL POLICY SETTINGS UNDER ALTERNATIVE INFLATION TARGETS [C] . IFAC symposium on modelling and control of national and regional economies . 1996

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5. Seigniorage, the welfare cost of inflation, and implications for monetary policy. [D] . Bandara, A. R. W. M. M. Amarakoon. 1997

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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。

Comparing the welfare costs and initial dynamics of alternative inflation stabilization policies

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