基于非对称通胀偏好的最优货币政策规则

Optimal Monetary Policy Rules under Asymmetric inflation preferences

与传统的L-Q货币政策分析框架相异,本文通过Linex函数,在央行损失函数中引入非对称通胀目标偏好。新的货币政策动态优化模型分析结果表明,最优货币政策规则中,名义利率对通胀的反应是非线性的,利率工具不仅对通胀水平作出反应,而且对通胀的波动性也作出反应,利率对通胀的变化还产生符号与大小上的非对称。

This paper derives optimal monetary policy rules in setups where central bank＇s inflation preferences are non-symmetry and macroeconomic constraints is linear. Analytical results show that the inclusion of asymmetric inflation preferences leads to sign and size asymmetries, and non-linearities in the respondence of interest rate to inflation change in the new monetary policy rule.