概要
日時：2011年9月15日(木) 16:30-18:00
講演者：荒戸寛樹氏(首都大学東京)
タイトル：Optimal monetary policy in a model of endogenous growth with nominal rigidities
【Abstract】
This paper constructs an endogenous growth model with nominal rigidities and considers the growth and welfare effects of a monetary stabilization policy. In the calibrated model, the Ramsey-optimal volatility of inflation rate is smaller than that in the standard exogenous growth New Keynesian model with physical capital accumulation. An optimal implementable (Taylor-type) monetary policy rule makes the nominal interest rate respond strongly to inflation and mutely to real activity, similar to that in the standard New Keynesian model. Moreover, a growth-maximizing implementable monetary policy is suboptimal. Further, the welfare cost of the implementable monetary policy rule responding to real activity is two or three times larger than that of the exogenous growth New Keynesian model.