中等和低通胀时期的趋势通胀:泰国货币政策的含义

Q2 Economics, Econometrics and Finance
Nipit Wongpunya
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引用次数: 0

摘要

本文考察了泰国在中等和低通胀环境下趋势通胀对货币政策实施的影响。它通过引入正趋势通胀扩展了新凯恩斯主义模型。研究发现,在适度通货膨胀时期,通货膨胀和产出的响应较低。高水平的趋势通货膨胀放大了福利损失。当通胀目标水平较高时,最优政策是降低产出波动性的权重。中央银行在调整通货膨胀目标率时,应考虑通货膨胀和产出缺口的反应,以保持其确定性。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
TREND INFLATION IN MODERATE AND LOW INFLATION PERIODS: THE IMPLICATION OF THAI MONETARY POLICY
This paper examines the effects of trend inflation on the conduct of monetary policy during moderate and low inflation environments in Thailand. It extends the New Keynesian model by introducing a positive trend inflation. It finds that the response of inflation and output are lower during the moderate inflation period. A high level of trend inflation magnifies the welfare loss. The optimal policy is to lower weight on output volatility when the target level for inflation is higher. To adjust the inflation targeting rate, the central bank should consider the response of inflation and output gap to preserve the determinacy.
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来源期刊
Buletin Ekonomi Moneter dan Perbankan
Buletin Ekonomi Moneter dan Perbankan Economics, Econometrics and Finance-Finance
CiteScore
2.20
自引率
0.00%
发文量
1
审稿时长
5 weeks
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