习惯形成下的最优货币政策

著名的弗里德曼规则指出,最优货币政策可以通过设置名义利率等于0来实现。本文构造了基于习惯形成的最优货币政策模型,并使用主方法求解了模型。本文的研究表明,当家庭的效用函数偏好具有习惯形成的特点时,弗里德曼规则仍然成立。

The famous Friedman rule pointed out that the optimal monetary policy could be established by generating a deflation that drives the net nominal interest rate to zero. This paper proposed a new optimal monetary policy model based on habit formation, and solved the model by applying primal approach. This paper showed that the Friedman rule still holds under the habit formation utility function.