Arbeitspapier
Optimal monetary policy and price stability over the long-run
This paper examines the role of monetary policy in an environment with aggregate risk and incomplete markets. In a two-period overlapping-generations model with aggregate uncertainty and nominal bonds, optimal monetary policy attains the ex-ante Pareto optimal allocation. This policy aims to stabilize the savings rate in the economy via the effect of expected inflation on real returns of nominal bonds. The equilibrium under optimal monetary policy is characterized by positive average inflation and a nonstationary price level. In an application a key finding is that optimal monetary policy combines features of inflation and price-level targeting.
- Sprache
-
Englisch
- Erschienen in
-
Series: Bank of Canada Working Paper ; No. 2007-26
- Klassifikation
-
Wirtschaft
- Thema
-
Monetary policy framework
Geldpolitik
Inflation Targeting
Sparen
Kapitalanlage
Pareto-Optimum
Wohlfahrtseffekt
Overlapping Generations
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Kryvtsov, Oleksiy
Shukayev, Malik
Ueberfeldt, Alexander
- Ereignis
-
Veröffentlichung
- (wer)
-
Bank of Canada
- (wo)
-
Ottawa
- (wann)
-
2007
- DOI
-
doi:10.34989/swp-2007-26
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Kryvtsov, Oleksiy
- Shukayev, Malik
- Ueberfeldt, Alexander
- Bank of Canada
Entstanden
- 2007
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