Optimal monetary policy responses to relative-price changes

• 成果类型: Article
• 署名作者: Aoki, K
• 署名单位: Bank of England
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/S0304-3932(01)00069-1
• 发表日期: 2001
• 页码: 55-80
• 关键词: relative prices; New-Keynesian Phillips curve; optimal monetary policy

摘要

An optimizing model, with a flexible-price sector and a sticky-price sector, is presented to analyze the effects of relative-price changes on inflation fluctuations. The relative price of the flexible-price good represents a shift parameter of the New Keynesian Phillips curve. The optimal monetary policy is to target sticky-price inflation, rather than a broad inflation measure. Although stabilizing the relative price around its efficient value is one of the appropriate goals of the central bank, stabilizing sticky-price inflation is sufficient for achieving this goal. An optimal monetary policy for a small open economy is also discussed. (C) 2001 Published by Elsevier Science B.V.