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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| Định dạng: | Tạp chí |
| Ngôn ngữ: | English |
| Được phát hành: |
Washington, D.C. :
International Monetary Fund,
2010.
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| Loạt: | IMF Working Papers; Working Paper ;
No. 2010/200 |
| Truy cập trực tuyến: | Full text available on IMF |