期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2010
出版社：European Central Bank
摘要：We study optimal monetary policy in a exible state-dependent pricing framework, in which monopolistic competition and stochastic menu costs are the only distortions. We show analytically that it is optimal to commit to zero ination in the long run. Moreover, our numerical simulations indicate that the optimal stabilization policy is price stability. These ndings represent a generalization to a state-dependent framework of the same results found for the simple Calvo model with exogenous timing of price adjustment.
关键词：optimal monetary policy; price stability; stochastic menu costs; state-;dependent pricing
