Inflation surprises in a New Keynesian economy with a “true” consumption function
指出标准新凯恩斯模型缺少通胀意外对家庭购买力的真实收入效应，通过重新构建消费函数引入该效应，发现其能自动稳定通胀，并用模拟分析了货币政策含义。
Abstract The resurgence of inflation has been accompanied by a reversal of prospects of growth, with a prominent role assigned to the fall of households' purchasing power. Yet this real income effect of inflation surprises, independent of restrictive monetary policy, is not present in the standard New Keynesian models for monetary policy. The reason lies in the formulation of the consumption‐based “IS equation”. The paper shows how the income effect can be introduced by reformulating the consumption function, with the consequence that it exerts an autonomus stabilization effect on inflation. The main monetary policy implications are examined by means of simulations.