Optimal disinflation in new Keynesian models
成果类型：
Article
署名作者：
Hagedorn, Marcus
署名单位：
University of Cologne
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2011.05.011
发表日期：
2011
页码：
248-261
关键词：
摘要：
Central bankers' conventional wisdom suggests that nominal interest rates should be raised to attain a lower inflation target. In contrast, I show that the standard New Keynesian monetary model with rational expectations and full credibility predicts that nominal interest rates should be decreased to attain this goal. Real interest rates, however, are virtually unchanged. These results also hold in recent vintages of New Keynesian models with sticky wages, price and wage indexation and habit formation in consumption. (C) 2011 Published by Elsevier B.V.
来源URL：