کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5066466 1476779 2016 24 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
When does the cost channel pose a challenge to inflation targeting central banks?
ترجمه فارسی عنوان
هنگامی که کانال هزینه چالش بر روی تورم بانک های مرکزی را هدف قرار می دهد؟
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی

In a sticky-price model where firms finance their production inputs, there is both a lower and an upper bound on the central bank's inflation response necessary to rule out the possibility of self-fulfilling inflation expectations. This paper shows that real wage rigidities decrease this upper bound, but coefficients in the range of those on the Taylor rule place the economy well within the determinacy region. However, when there is time-variation in the share of firms who finance their inputs (i.e. Markov-switching) then inflation targeting interest rate rules frequently result in indeterminacy, even if the central bank also targets output. Adding a nominal growth target to the policy rule can often alleviate this indeterminacy and therefore anchor inflation expectations.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: European Economic Review - Volume 89, October 2016, Pages 471-494
نویسندگان
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