粘性价格、热土豆效应与滞胀:新货币主义的视角

Sticky Price,Hot Potato Effect and Stagflation: A New Monetarist Model

本文在新货币主义模型的基础上,引入粘性价格和热土豆效应,研究"滞胀"产生的原因。当通货膨胀较高时,消费者的收入效应低于货币贬值速度的情况下,消费者为了提高效用水平而自愿失业,从而导致"滞涨"。此外,研究结论表明,凯恩斯主义决策规则下的货币政策不是最优的,所以,各国的中央银行应转向实施相机抉择的货币政策。最后,本文提出了治理"滞胀"的政策建议。

Based on the New Monetarism model with sticky price and hot potato effect,we find the reason why stagflation happens. That is when inflation is high and the growth rate of consumer's income effect is slower than the devaluation rate of the money,the consumer would choose to remain unemployed. Furthermore,we prove that the Keynesianism used by the central banks cannot give the optimal monetary policy,and they should turn to the discretionary monetary policy for help. Finally,we put forward some policies for handling stagflation.