Optimal monetary policy and the time-dependent price and wage Phillips curves: An international comparison

IF 2.8 2区经济学 Q2 BUSINESS, FINANCE

Journal of International Money and Finance Pub Date : 2024-06-02 DOI:10.1016/j.jimonfin.2024.103111

Giovanni Di Bartolomeo , Carolina Serpieri

引用次数: 0

Abstract

We investigate the behavior of central banks in seven advanced economies, focusing on how observed monetary policies align with optimal ones as determined by model-consistent welfare measures. Our approach stands out by emphasizing the importance of inertia’s impact on the output gap and the dynamics of prices and wages. We incorporate inertia into our model using duration-dependent adjustments. By integrating this aspect into a simple New Keynesian model, our analysis aims to identify shared patterns and distinctive features in the monetary policy approach of central banks across different countries.

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最优货币政策与随时间变化的价格和工资菲利普斯曲线：国际比较

我们研究了七个发达经济体中央银行的行为，重点是观察到的货币政策如何与模型一致的福利措施所确定的最优货币政策保持一致。我们的方法与众不同，强调了惯性对产出缺口以及价格和工资动态影响的重要性。我们利用与持续时间相关的调整将惯性纳入模型。通过将这方面纳入一个简单的新凯恩斯主义模型，我们的分析旨在找出不同国家中央银行货币政策方法的共同模式和显著特征。

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

Journal of International Money and Finance BUSINESS, FINANCE-

CiteScore

4.20

自引率

4.00%

发文量

141

期刊介绍： Since its launch in 1982, Journal of International Money and Finance has built up a solid reputation as a high quality scholarly journal devoted to theoretical and empirical research in the fields of international monetary economics, international finance, and the rapidly developing overlap area between the two. Researchers in these areas, and financial market professionals too, pay attention to the articles that the journal publishes. Authors published in the journal are in the forefront of scholarly research on exchange rate behaviour, foreign exchange options, international capital markets, international monetary and fiscal policy, international transmission and related questions.