Monetary Policy and Core Inflation
Copyright policy )Monetary Policy and Core Inflation
This paper studies optimal monetary policy responses in an economy featuring sectorial heterogeneity in the frequency of price adjustments. It shows that a central bank facing heterogeneous nominal rigidities is more likely to behave less aggressively than in a fully sticky economy. Hence, the supposedly excessive caution in the conduct of monetary policy shown by central banks could be partly explained by the existence of a relevant sectorial dispersion in the frequency of price adjustments.
- European Central Bank Germany
Geldpolitik, elasticity of intertemporal substitution, Zeitpräferenz, Kerninflation, Preisrigidität, E58, Preisstreuung, E52, core inflation, core inflation,elasticity of intertemporal substitution,heterogeneity,nominal rigidity, Substitutionselastizität, ddc:330, core inflation, elasticity of intertemporal substitution, heterogeneity, nominal rigidity, Inflationsrate, nominal rigidity, Preisspanne, Branche, Intertemporale Entscheidung, heterogeneity, Theorie, E43, jel: jel:E43, jel: jel:E52, jel: jel:E58
Geldpolitik, elasticity of intertemporal substitution, Zeitpräferenz, Kerninflation, Preisrigidität, E58, Preisstreuung, E52, core inflation, core inflation,elasticity of intertemporal substitution,heterogeneity,nominal rigidity, Substitutionselastizität, ddc:330, core inflation, elasticity of intertemporal substitution, heterogeneity, nominal rigidity, Inflationsrate, nominal rigidity, Preisspanne, Branche, Intertemporale Entscheidung, heterogeneity, Theorie, E43, jel: jel:E43, jel: jel:E52, jel: jel:E58
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