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标题：Inflation persistence and optimal monetary policy in the Euro Area
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作者：Pierpaolo Benigno y J. David López-Salido
期刊名称：Documentos de Trabajo / Banco de España
印刷版ISSN：0213-2710
电子版ISSN：1579-8666
出版年度：2002
卷号：1
出版社：Banco de España
摘要：In this paper we ﬁrst present supporting evidence of the existence of het- erogeneity in inﬂation dynamics across euro area countries. Based on the es- timation of New Phillips Curves for ﬁve major countries of the euro area, we ﬁnd that there is signiﬁcant inertial (backward looking) behavior in inﬂation in four of them, while inﬂationinGermanyhasadominant forward looking component. In the second part of the paper we present an optimizing agent model for the euro area emphasizing the heterogeneity in inﬂation persistence across regions. Allowing for such a backward looking component will aﬀect the evaluation of the degree of nominal rigidities relevant for the monetary policy design. We explore the welfare implications of this circumstance by compar- ing the adjustment of the economies and the area as a whole in response to terms-of-trade shocks under four monetary policy rules: fully optimal, optimal inﬂation targeting, HICP targeting and output gap stabilization.