Optimal monetary policy with endogenous entry and product variety

Florin O. Bilbiie, Ippei Fujiwara, Fabio Ghironi

研究成果: Article査読

36 被引用数 (Scopus)

抄録

Deviations from long-run price stability are optimal in the presence of endogenous entry and product variety in a sticky-price model in which price stability would be optimal otherwise Long-run inflation (deflation) is optimal when the benefit of variety to consumers falls short of (exceeds) the market incentive for creating that variety-the desired markup; Price indexation exacerbates this mechanism. Plausible preference specifications and parameter values justify positive long-run inflation rates. However, short-run price stability (around this non-zero trend) is close to optimal, even in the presence of endogenously time-varying desired markups that distort the intertemporal allocation of resources.

本文言語English
ページ(範囲)1-20
ページ数20
ジャーナルJournal of Monetary Economics
64
DOI
出版ステータスPublished - 2014 5月
外部発表はい

ASJC Scopus subject areas

  • 財務
  • 経済学、計量経済学

フィンガープリント

「Optimal monetary policy with endogenous entry and product variety」の研究トピックを掘り下げます。これらがまとまってユニークなフィンガープリントを構成します。

引用スタイル