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Replication data for: Optimal Monetary Policy with Relative Price Distortions

Version
V0
Resource Type
Dataset
Creator
  • Yun, Tack
Publication Date
2005-03-01
Description
  • Abstract

    This paper analyzes optimal monetary policy in a sticky price model with Calvo-type staggered price-setting. In the paper, the optimal monetary policy maximizes the expected utility of a representative household without having to rely on a set of linearly approximated equilibrium conditions, given the distortions associated with the staggered price-setting. It shows that the complete stabilization of the price level is optimal in the absence of initial price dispersion, while optimal inflation targets respond to changes in the level of relative price distortion in the presence of initial price dispersion.
Availability
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Relations
  • Is supplement to
    DOI: 10.1257/0002828053828653 (Text)
Publications
  • Yun, Tack. “Optimal Monetary Policy with Relative Price Distortions.” American Economic Review 95, no. 1 (February 2005): 89–109. https://doi.org/10.1257/0002828053828653.
    • ID: 10.1257/0002828053828653 (DOI)

Update Metadata: 2020-05-18 | Issue Number: 2 | Registration Date: 2019-12-06

Yun, Tack (2005): Replication data for: Optimal Monetary Policy with Relative Price Distortions. Version: V0. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset. https://doi.org/10.3886/E116044