作者：Chernew, M; Cutler, D; Keenan, PS
作者单位：University of Michigan System; University of Michigan; University of Michigan System; University of Michigan; Harvard University; National Bureau of Economic Research
作者：Yun, T
作者单位：Kookmin University; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：This paper analyzes optimal monetary policy in a sticky price model with Calvo-type staggered price-setting. In the paper, the optimal monetary policy maximizes the expected utility of a representative household without having to rely on a. set of linearly approximated equilibrium conditions, given the distortions associated with the staggered price-setting. It shows that the complete stabilization of the price level is optimal in the absence of initial price dispersion, while optimal inflatio...
