The Optimal Inflation Rate with Discount Factor Heterogeneity
在标准新凯恩斯模型中引入代际交叠结构，发现最优通胀率显著为正，基准校准下年化最优通胀目标在0.8%至3.2%之间，原因在于企业贴现未来利润的利率与计划者贴现未来效用的利率自然不同。
Abstract I show that adding an overlapping generations structure to the canonical New Keynesian model can generate an optimal inflation rate that is significantly positive. In a baseline calibration of the model, the optimal inflation target is comprised between 0.8% and 3.2% in annual terms. In this framework, deviations from long‐run price stability are optimal because the rate at which firms discount future profit flows naturally differs from the rate at which the planner discounts future utility flows.