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美联储应监测薪资趋势

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明尼阿波利斯联邦储备银行行长尼尔·卡什卡里(Nel Kashkari)有一个值得关注的评论,认为货币政策制定者应该比过去更加关注薪资趋势。里卡多雷斯和我在2003年的一篇论文中得出了类似的结论。


附论文摘要:


本文假设中央银行致力于维持通胀目标,然后询问央行在想要最大限度地提高经济稳定性时应采用的通胀率的衡量指标。该论文首先将这个问题正式化并检验其微观经济基础。然后,它显示了稳定价格指数中某个部门的权重如何取决于该部门的特征,包括规模,周期敏感性,价格调整的迟缓以及部门冲击的幅度。当问题的数字说明根据美国数据进行校准时,一个初步结论是,希望实现经济活动最大稳定性的中央银行应使用对名义薪资水平给予相当大的权重的价格指数。

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