Optimal Price Indices for Targeting Inflation Under Incomplete Markets /
In models with complete markets, targeting core inflation enables monetary policy to maximize welfare by replicating the flexible price equilibrium. We develop a two-sector two-good new-Keynesian model to study the optimal choice of price index in markets with financial frictions. We find that, in t...
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| Формат: | Журнал |
| Мова: | English |
| Опубліковано: |
Washington, D.C. :
International Monetary Fund,
2010.
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| Серія: | IMF Working Papers; Working Paper ;
No. 2010/200 |
| Онлайн доступ: | Full text available on IMF |