研讨论文

Optimal Fiscal and Monetary Policy Under Sticky Prices (JET Schmitt-Grohé and Uribe.2004)

主讲人

乐根平（金融公司2024级博士生）

上期回顾

Following the introduction of distortions from monopolistic competition and price stickiness, we derive the first-order conditions for household optimization. The Ramsey planner then re-optimizes by incorporating these conditions as constraints to derive the optimal policy. We have established Proposition 1,obtaining a more streamlined set of Ramsey plans. Based onwe further derive the steady-state conditions required for the calibration section of this study. We then present selected calibration results: under perfect competition without price stickiness,the Friedman rule holds; under monopolistic competition without price stickiness, inflation rises and remain elevated; and under monopolistic competition with price stickiness, both the level and volatility of inflation are lower.

本期预告

equivalent to a sequence of intertemporalimplementability constraints. Furthermore, we explain the economic implications of the calibration results: under perfect competition and without price stickiness, the presence of transaction costs implies that Friedman rule holds; under monopolistic competition without price stickiness, mild inflation acts as a "non-distortionary tax" that reduces firms' monopoly profits, leading to a higher optimal inflation rate than in the perfect-competition case; and under monopolistic competition with price stickiness, the optimal inflation level is lower in absolute terms and exhibits reduced volatility.

点评老师

王忏 明洋

时间

10月26日19:00-21:00

地点

学术会堂712

活动对象

太阳成集团tyc9728、金融公司员工

人数规模

30人

主办单位

太阳成集团tyc9728中国经济与管理研究院、金融公司联合主办

撰稿：乐根平

审稿：明洋

来源：太阳成集团tyc9728

审核：王颖