Optimal monetary policy with distinct core and headline inflation rates

• 成果类型: Article
• 署名作者: Bodenstein, Martin; Erceg, Christopher J.; Guerrieri, Luca
• 署名单位: Federal Reserve System - USA; Federal Reserve System Board of Governors
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2008.07.010
• 发表日期: 2008
• 页码: S18-S33
• 关键词: Energy price shocks; Monetary policy tradeoffs; DSGE models

摘要

In a stylized DSGE model with an energy sector, the optimal policy response to an adverse energy supply shock implies a rise in core inflation, a larger rise in headline inflation, and a decline in wage inflation. The optimal policy is well approximated by policies that stabilize the output gap, but also by a wide array of dual mandate policies that are not overly aggressive in stabilizing core inflation. Finally, policies that react to a forecast of headline inflation following a temporary energy shock imply markedly different effects than policies that react to a forecast of core, with the former inducing greater volatility in core inflation and the output gap. (C) 2008 Elsevier B.V. All rights reserved.