دانلود مقاله نرخ تورم بلندمدت بهینه در اقتصاد باز
چکیده
مقدمه
راه اندازی مدل و تجمیع
سیاست پولی بهینه تحت تجارت ریکاردی
کاهش بازده به مقیاس: مدل تجاری ریکاردو واینر
نتایجی که اظهار شده
منابع
Abstract
Introduction
Model setup and the aggregation
Optimal monetary policy under Ricardian trade
Decreasing-returns-to-scale: Ricardo-Viner trade model
Concluding remarks
References
چکیده
من نرخ تورم بهینه بلندمدت را در مدل قیمت چسبنده با تورم روند و ساختار تجارت ریکاردی دو کشور و دو کشور خوب تحلیل می‌کنم. همانطور که در مدل اقتصاد بسته، چسبندگی قیمت به طور موثر بهره وری صنعت را تحت تورم روند کاهش می دهد. برخلاف مدل‌های استاندارد اقتصاد بسته که در آن‌ها نرخ بهینه تورم تقریباً صفر است، این مدل نشان می‌دهد که نرخ بهینه تحت شرایط خاصی مثبت است. دستاوردهای رفاهی ناشی از دستکاری شرایط تجارت است و از این رو با از دست دادن شریک تجاری همراه است. اگر شریک اقدام متقابل کند، تخصیص می تواند بدتر از آنچه که تحت خودکامگی اتفاق می افتد باشد.
توجه! این متن ترجمه ماشینی بوده و توسط مترجمین ای ترجمه، ترجمه نشده است.
Abstract
I analyze the long-run optimal inflation rate in the sticky price model with trend inflation and a two-country, two-good Ricardian trade structure. As in the closed-economy model, price stickiness effectively reduces an industry’s productivity under trend inflation. Contrary to the standard closed-economy models in which the optimal inflation rate is approximately zero, the model implies that the optimal rate is positive under certain conditions. Welfare gains come from manipulations of the terms of trade, and are hence associated with the loss of the trade partner. If the partner counter-acts, the allocation can be worse than what would occur under autarky.
Introduction
Motivated by the recent convention that many central banks set positive target inflation rates, monetary studies analyze the consequence of trend inflation on economic welfare using various versions of sticky price models with trend inflation (e.g., King and Wolman, 1999, Ascari, 2004, Schmitt-Grohé and Uribe, 2007, Schmitt-Grohé and Uribe, 2011, Ascari and Ropele, 2007, Coibion et al., 2012, Damjanovic and Nolan, 2010, Ascari and Sbordone, 2014, Carreras et al., 2016, Kurozumi and Van Zandweghe, 2016). With few exceptions, these studies conclude that a zero-inflation rate maximizes welfare in the long run.2 However, they focus on single-good, closed-economy settings, and the long-run consequences of trend inflation in an open economy are yet to be analyzed.3
Concluding remarks
This paper introduces the classical Ricardian and Ricardo-Viner international trade models into a stylized model of nominal rigidity with trend inflation. In the long-run steady state, the model implies that the magnitude of price rigidity and the inflation rate affect the terms of trade and that the optimal inflation rate can be non-zero. The welfare loss of non-zero inflation is smaller in a two-country model than in a closed or small-open model if the terms of trade lead to gains. The main driver of welfare gain is the manipulation of the terms of trade. The terms-of-trade effect may have a sizeable quantitative impact depending on the country.