On quality bias and inflation targets
成果类型：
Article
署名作者：
Schmitt-Grohe, Stephanie; Uribe, Martin
署名单位：
Columbia University; National Bureau of Economic Research
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2012.02.002
发表日期：
2012
页码：
393-400
关键词：
摘要：
Does Ramsey optimal policy call for adjusting the inflation target by the size of the quality bias in measured inflation? We find that if it is nonhedonic (or sticker) prices that are sticky, the conventional view, according to which it is optimal to adjust the inflation target upward by the size of the quality bias, is misguided. Furthermore, we establish that quality improvement is crucial for the determination of the optimal inflation target even in the absence of quality bias. In this case, if nonhedonic prices are sticky, sticker prices should fall at the rate of quality growth. (C) 2012 Elsevier B.V. All rights reserved
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