货币经济中的最优通货膨胀
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| Title | The Optimal Inflation In The Money Economy
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| 作者 | 黄炎龙 陈伟忠 龚六堂 |
| Author | YanLong Huang, WeiZhong Chen and LiuTang Gong |
| 作者单位 | 同济大学经济管理学院;北京大学光华管理学院 |
| Organization | TongJi University; Peking University |
| 作者Email | roger.yanlong@gmail.com |
| 中文关键词 | 货币经济 最优通胀 最优利率 Ramsey均衡 |
| Key Words | Money Economy；Optimal Infaltion；Optimal Rate of Interest Rate；Ramsey Optimal |
| 内容提要 | 本文在财政和货币政策协作机制下，建立具有非零通胀的粘性价格和粘性工资结构特性的新凯恩斯模型，分析Ramsey均衡下的最优通胀。分析结果表明：最优通胀是相对于非零通胀稳态的紧缩率，并且紧缩的水平和程度因市场结构和政策差异呈现不一致性，最优通胀政策要求与之匹配的利率政策；最优通胀要求实际利率大于零，并且实际货币数量应该等于零，即名义货币数量不大于通胀水平。我们还对比分析利率规则与货币增长率规则之间的区别，结果表明货币经济中财政政策会增加通胀趋势，货币增长率规则所引致的经济波动要比利率规则高，而高的波动性给经济造成更多的不确定性。在一个更加前瞻的视角上，利率作为货币政策“藏富于民”的工具，其长期的偏离最终可能会扭曲资源配置，导致低效的投资，积聚资产泡沫，最终为经济危机埋下隐患。 |
| Abstract | This paper based on the collaboration of fiscal and monetary policy builds up the Neo-Keynesian model of the sticky price and staggered wage with non-zero inflation, and analyzes the optimal inflation and interest rate in the Ramsey Optimal equilibrium. The outcomes display that the optimal inflation rate equals to zero and optimal interest rate equals to inflation rate and a ratio of real returns of capital when in the deterministic condition, then optimal inflation is a deflated ratio according to the steady state with non-zero inflation and relevant to market structure and policy difference. There is no optimal inflation without considering the interest rate policy, implies that the optimal rate of nominal interest attain the scope of zero level. Also, the analysis shows that fiscal policy aggregates the trend of inflation and inflation by using money growth rule is larger than interest rate rule, and it brings to much more indetermination in the money economy. Under the more forward-looking insight, interest rate as a tool to keep assets for people would change resource allocation, accelerate asset bubbles and aggregate unequal assignment. |
| 文章编号 | WP159 |
| 登载时间 | 2011-12-12 |
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