垂直生产链、黏性信息与货币政策

Production Chains,Sticky Information,and Monetary Policy

本文构建了垂直体系的两个生产阶段的企业定价皆存在信息黏性的DSGE模型,并对由此产生的两条黏性信息菲利普斯曲线及其货币政策含义与此类模型中的两条新凯恩斯菲利普斯曲线及其货币政策含义进行了定性分析和定量比较,发现:(1)在模拟通货膨胀等宏观经济变量的外生惯性时,瞬时冲击下黏性信息与黏性价格两大系统中的脉冲响应并无明显不同;(2)Ramsey问题的绝对福利损失值和最优简单规则下的相对福利损失值显示,黏性信息模型仍优于黏性价格模型。

Constructing a DSGE model characterized by information stickiness in the vertical production chains,we make a qualitative analysis and quantitative comparison of their monetary policy implications between the sticky information Phillips curve and the new Keynesian Phillips curve.We find that:(1)When simulating the exogenous inertia of macroeconomic variables such as inflation,there is no obvious difference of the impulse response between the sticky prices and sticky information systems;(2)The absolute welfare loss value of Ramsey problem and the relative welfare loss value under the optimal simple rule show that the sticky information model is still better than the sticky price model.