Optimal Monetary Policy with Relative Price Distortions
在Calvo交错定价模型中分析最优货币政策，发现无初始价格分散时完全稳定价格水平最优，有初始价格分散时最优通胀目标需随相对价格扭曲程度调整。
This paper analyzes optimal monetary policy in a sticky price model with Calvo-type staggered price-setting. In the paper, the optimal monetary policy maximizes the expected utility of a representative household without having to rely on a set of linearly approximated equilibrium conditions, given the distortions associated with the staggered price-setting. It shows that the complete stabilization of the price level is optimal in the absence of initial price dispersion, while optimal inflation targets respond to changes in the level of relative price distortion in the presence of initial price dispersion.