Customer markets and the welfare effects of monetary policy
成果类型：
Article
署名作者：
Soderberg, Johan
署名单位：
Uppsala University
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2011.05.012
发表日期：
2011
页码：
206-219
关键词：
摘要：
A customer market model in which firms and customers form long-term relations is developed and integrated into the canonical New Keynesian framework. This leads to two important differences compared to the standard model. First, the purely forward-looking Phillips curve is replaced by a hybrid variant where current inflation also depends on past inflation. Second, the welfare cost of inflation is much lower, which leads to an optimal monetary policy where relatively more weight is put on output gap stabilization than previously found in the literature. (C) 2011 Elsevier B.V. All rights reserved.
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