Replication data for: Optimal Monetary Policy with Relative Price Distortions
Principal Investigator(s): View help for Principal Investigator(s) Tack Yun
Version: View help for Version V1
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LICENSE.txt | text/plain | 14.6 KB | 12/06/2019 10:29:AM |
README2.pdf | application/pdf | 8.6 KB | 12/06/2019 10:29:AM |
ROPTF1.m | text/plain | 1.7 KB | 12/06/2019 10:29:AM |
ROPTF2.m | text/plain | 5.4 KB | 12/06/2019 10:29:AM |
ROPTF3.m | text/plain | 3.8 KB | 12/06/2019 10:29:AM |
ROPTF4.m | text/plain | 9.1 KB | 12/06/2019 10:29:AM |
ROPTF5.m | text/plain | 9.1 KB | 12/06/2019 10:29:AM |
ROPTF6.m | text/plain | 9.1 KB | 12/06/2019 10:29:AM |
Project Citation:
Yun, Tack. Replication data for: Optimal Monetary Policy with Relative Price Distortions. Nashville, TN: American Economic Association [publisher], 2005. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-12-06. https://doi.org/10.3886/E116044V1
Project Description
Summary:
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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 inflation targets respond to changes in the level of relative price distortion in the presence of initial price dispersion.
Scope of Project
JEL Classification:
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E31 Price Level; Inflation; Deflation
E52 Monetary Policy
E31 Price Level; Inflation; Deflation
E52 Monetary Policy
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