Monetary Policy with Sectoral Trade‐Offs
研究了一个两部门新凯恩斯经济模型，分析价格粘性、消费品耐用性和生产材料使用对部门内和部门间稳定的影响，并评估了针对最终商品价格通胀的简单规则的政策福利。
Abstract We formulate a two‐sector New Keynesian economy featuring sectoral heterogeneity along three dimensions: price stickiness, consumption goods durability, and the usage of input materials in production. These factors affect both inter‐sectoral and intra‐sectoral stabilization. We examine the welfare properties of simple rules that react to alternative measures of final goods price inflation. Due to factor demand linkages, the cost of production in one sector is influenced by price‐setting in the other sector. Therefore, measures of aggregate inflation weighting sectoral prices based on their relative stickiness do not allow one to keep track of the effective speeds of sectoral price adjustment.