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• W2070367838 startingPage "1077" @default.
• W2070367838 abstract "► We examine a New Keynesian economy with rule-of-thumb price setters. ► We study the optimal steady-state rate of inflation under commitment. ► Monetary authority commits to a positive steady-state rate of inflation. ► Steady-state rate of inflation depends on the model’s structural parameters. ► Optimal steady-state inflation hinges on a property of the aggregate supply. Central banks typically have a long-run inflation target that is modestly positive. However, the standard New Keynesian framework prescribes that zero inflation is the optimal long-run target. In this paper, we show that when the baseline New Keynesian model is extended to allow for rule-of-thumb behavior by price setters, the optimality of zero long-run inflation ceases, and the monetary authority commits to a positive inflation target. The optimality of positive long-run inflation turns on the fact that the aggregate-supply relation does not imply an equivalence, up to first-order and regardless of policy, between the welfare-relevant measure of inflation and the discounted sequence of future output gaps." @default.
• W2070367838 created "2016-06-24" @default.
• W2070367838 creator A5055463982 @default.
• W2070367838 date "2012-12-01" @default.
• W2070367838 modified "2023-09-25" @default.
• W2070367838 title "Optimal long-run inflation and the New Keynesian model" @default.
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• W2070367838 doi "https://doi.org/10.1016/j.jmacro.2012.07.003" @default.
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