CONDI: A Cost-of-Nominal-Distortions Index
构建了一个基于个人消费支出的价格指数，其权重最小化名义扭曲的福利成本，并在多部门新凯恩斯模型中校准，发现该指数稳定化带来的福利损失接近最优政策，且核心通胀目标比整体通胀目标更接近该指数。
We construct a PCE-based price index whose weights minimize the welfare costs of nominal distortions: a cost-of-nominal-distortions index. We compute these weights in a multi-sector New Keynesian model, calibrated to match US data on price stickiness, labor shares, and inflation across sectors. The CONDI weights mostly depend on price stickiness. Moreover, CONDI stabilization leads to negligible welfare losses compared to the optimal policy and is better approximated by core rather than headline inflation targeting. An even better approximation can be obtained with an adjusted core index..