Inflation surprises in a New Keynesian economy with a “true” consumption function

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2024-02-08 DOI:10.1111/ecin.13207

Roberto Tamborini

引用次数: 0

Abstract

The resurgence of inflation has been accompanied by a reversal of prospects of growth, with a prominent role assigned to the fall of households' purchasing power. Yet this real income effect of inflation surprises, independent of restrictive monetary policy, is not present in the standard New Keynesian models for monetary policy. The reason lies in the formulation of the consumption-based “IS equation”. The paper shows how the income effect can be introduced by reformulating the consumption function, with the consequence that it exerts an autonomus stabilization effect on inflation. The main monetary policy implications are examined by means of simulations.

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具有 "真实 "消费函数的新凯恩斯主义经济中的通胀意外

伴随通胀回升的是经济增长前景的逆转，其中家庭购买力的下降发挥了重要作用。然而，这种与限制性货币政策无关的通货膨胀意外的实际收入效应，在标准的新凯恩斯主义货币政策模型中并不存在。原因在于基于消费的 "IS 等式 "的表述。本文说明了如何通过重新表述消费函数来引入收入效应，从而对通货膨胀产生自主稳定效应。本文通过模拟分析了货币政策的主要影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.