Price-Level Targeting and Stabilization Policy

被引：19

作者：

Berentsen, Aleksander ^{[1
]}

Waller, Christopher ^{[2
]}

机构：

[1] Univ Basel, CH-4003 Basel, Switzerland

[2] Univ Notre Dame, Fed Reserve Bank St Louis, Dept Econ, Notre Dame, IN 46556 USA

来源：

JOURNAL OF MONEY CREDIT AND BANKING | 2011年 / 43卷

关键词：

money; search; stabilization policy; MONETARY-POLICY; MONEY; LIQUIDITY;

D O I：

10.1111/j.1538-4616.2011.00452.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We construct a dynamic stochastic general equilibrium model to study optimal monetary stabilization policy. Prices are fully flexible and money is essential for trade. Our main result is that if the central bank pursues a price-level target, it can control inflation expectations and improve welfare by stabilizing short-run shocks to the economy. The optimal policy involves smoothing nominal interest rates that effectively smooths consumption across states.

引用

页码：559 / 580

页数：22

共 17 条

[1]

Aruoba S.Boragan, 2008, MONEY OPTIMAL UNPUB

[2] The distribution of money balances and the nonneutrality of money [J].