通货膨胀持久性的不确定性与货币政策:一个简单的分析框架

Uncertainty of Inflation Persistence and Monetary Policy: A Simple Analytical Framework

通过构建一个简单的分析框架研究通货膨胀持久性的不确定性与货币政策之间的关系。研究结果表明,当面对通货膨胀持久性不确定性时,低估通货膨胀持久性程度能够降低通货膨胀波动。更确切地说,不论是否存在通货膨胀持久性,低估通货膨胀持久性的货币政策是最优的。

This paper explores the interaction between uncertainty of inflation persistence and monetary policy by constructing a simple analytical framework. The results show that, when facing with uncertainty of inflation persistence, underestimating the degree of inflation persistence can reduce inflation volatility. More precisely, whether there is inflation persistence or not, monetary policy of underestimating inflation persistence is optimal.