摘要：This paper analyses optimal monetary policy in response to shocks using a model
that avoids making specific assumptions about the stickiness of prices, and thus
the nature of the Phillips curve. Nonetheless, certain robust features of the
optimal monetary policy commitment are found. The optimal policy rule is a
flexible inflation target which is adhered to in the short run without any
accommodation of structural inflation persistence, that is, inflation which it
is costly to eliminate. The target is also made more stringent when it has been
missed in the past. With discretion on the other hand, the target is loosened to
accommodate fully any structural inflation persistence, and any past deviations
from the inflation target are ignored. These results apply to a wide range of
price stickiness models because the market failure which the policymaker should
aim to mitigate arises from imperfect competition, not from price stickiness
itself.
