Optimal monetary policy responses torelative-price changes

An optimizingmodel, with a flexible-price sector and a sticky-price sector, ispresented to analyze the effects of relative-price changes on inflation fluctuations. Therelative price of the flexible-price good represents a shift parameter of the NewKeynesian Phillips curve. The optimal monetary policy is to target sticky-price inflation,rather than a broad inflation measure...

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Year of publication:	2000-09-20
Authors:	Aoki, Kosuke
Institutions:	London School of Economics and Political Science
Published in:	London School of Economics and Political Science - Publiacions Journal of Monetary Economics ; 48 (2001) 55–80
Subject:	Geldpolitik \| Inflation \| Phillips-Kurve \| Neokeynesianismus \| New-Keynesian

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Extent:	204800 bytes 26 p. application/pdf
Type of publication:	Article
Language:	English
Classification:	E31 - Price Level; Inflation; Deflation ; E52 - Monetary Policy (Targets, Instruments, and Effects) ; Financial theory ; Terms and pricing policy ; Individual Articles ; No country specification
Source:	USB Cologne (business full texts)