The Macroeconomic Effects of Nonzero Trend Inflation
在一个简单的动态随机一般均衡模型中，研究非零趋势通胀在三种常见定价机制下的宏观经济效应，发现趋势通胀会降低产出、消费和就业的随机均值，并增加通胀的随机均值及多数变量的波动性，其中卡尔沃定价效应最强。
We study the macroeconomic effects of nonzero trend inflation in a simple dynamic stochastic general equilibrium model under three common time‐dependent pricing schemes: Calvo, truncated‐Calvo, and Taylor. We show that, regardless of the pricing mechanism, trend inflation leads to a reduction in the stochastic means of output, consumption and employment, and an increase in the stochastic mean of inflation beyond its deterministic steady‐state level. The variability of most aggregates also increases. These effects are quantitatively much stronger with Calvo pricing.