Sectoral Shocks and Monetary Policy in the United Kingdom*
利用英国消费者价格微观数据校准广义泰勒模型，研究货币政策是否应针对不同部门通胀率做出差异化反应，发现差异化规则优于仅盯住总体通胀或核心通胀的规则，但绝对改善幅度很小。
Abstract We examine the extent to which monetary policy should respond to movements in sectoral inflation rates using a Generalized Taylor model that takes specific account of the sectoral make‐up of the consumer price index. We calibrate the model for each sector using the UK consumer price microdata. We find that a policy rule allowing for different responses to inflation in different sectors outperforms a rule targeting only aggregate inflation, as does a rule responding only to core inflation. However, we find that the optimal sectoral rule only leads to a small absolute improvement in terms of extra consumption.