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英文文献：Inventories and Optimal Monetary Policy-库存和最优货币政策
英文文献作者：Thomas A. Lubik,Wing Leong Teo
英文文献摘要：
We introduce inventories into a standard New Keynesian Dynamic Stochastic General Equilibrium (DSGE) model to study the effect on the design of optimal monetary policy. The possibility of inventory investment changes the transmission mechanism in the model by decoupling production from final consumption. This allows for a higher degree of consumption smoothing since firms can add excess production to their inventory holdings. We consider both Ramsey optimal monetary policy and a monetary policy that maximizes consumer welfare over a set of simple interest rate feedback rules. We find that in contrast to a model without inventories, Ramsey-optimal monetary policy in a model with inventories deviates from complete inflation stabilization. In the standard model, nominal price rigidity is a deadweight loss on the economy, which an optimizing policymaker attempts to remove. With inventories, a planner can reduce consumption volatility and raise welfare by accumulating inventories and letting prices change as an equilibrating mechanism. We find also find that the application of simple rules comes very close to replicating Ramsey optimal outcomes.
本文将存货引入标准的新凯恩斯动态随机一般均衡模型，研究存货对最优货币政策设计的影响。库存投资的可能性通过将生产与最终消费解耦而改变了模型中的传导机制。这允许更高程度的消费平滑，因为公司可以增加过剩的生产，以他们的库存持有。我们考虑拉姆齐最优货币政策和一个货币政策，最大限度的消费者福利在一套简单的利率反馈规则。我们发现，与无库存模型相比，有库存模型中的混乱最优货币政策偏离了完全通胀稳定。在标准模型中，名义价格刚性是经济上的一种无谓损失，优化政策制定者试图消除这种损失。有了库存，计划者可以通过积累库存和让价格变化作为一种平衡机制来降低消费的波动性和提高福利。我们还发现，简单规则的应用非常接近于复制拉姆齐最优结果。
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