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Optimal Monetary Policy with Distinct Core and Headline Inflation Rates

Martin Bodenstein

出版	Board of Governors of the Federal Reserve System, 2008
URL	http://books.google.com.hk/books?id=Y6dRAQAAMAAJ&hl=&source=gbs_api

註釋

"In a stylized DSGE model with an energy sector, the optimal policy response to an adverse energy supply shock implies a rise in core inflation, a larger rise in headline inflation, and a decline in wage inflation. The optimal policy is well-approximated by policies that stabilize the output gap, but also by a wide array of "dual mandate" policies that are not overly aggressive in stabilizing core inflation. Finally, policies that react to a forecast of headline inflation following a temporary energy shock imply markedly different effects than policies that react to a forecast of core, with the former inducing greater volatility in core inflation and the output gap"--Federal Reserve Board web site.