Data for: Optimal long-run inflation with occasionally binding financial constraints

Abstract of associated article: This paper studies the optimal long-run inflation rate in a simple New Keynesian model with occasionally binding collateral constraints that intermediate-good firms face on hiring labor. The paper finds that the optimal long-run annual inflation rate is around 1.5% if the economy is hit by a total factor productivity (TFP) shock and nearly 2.5% if the economy is subject to a markup shock. The shadow value of the collateral constraint is akin to an endogenous cost-push shock. Differently from usual cost-push shocks, however, this shock is asymmetric as it takes non-negative values only. Since the mean of this asymmetric endogenous cost-push shock is positive, inflation is also positive on average. In addition, a binding collateral constraint resembles a time-varying tax on labor, which the monetary authority can smooth by setting a positive inflation rate. More generally, the basic result is related to standard Ramsey theory in that optimal policy smoothes distortions over time.关联论文摘要：本文针对中间品厂商在雇佣劳动过程中面临偶发性绑定抵押品约束的简单新凯恩斯（New Keynesian）模型，探讨最优长期通胀率问题。研究表明，若经济体遭受全要素生产率（total factor productivity, TFP）冲击，最优长期年度通胀率约为1.5%；若经济体面临加成冲击（markup shock），该最优值则接近2.5%。抵押品约束的影子价值类似于内生成本推动冲击（endogenous cost-push shock）。然而，与常规成本推动冲击不同，该冲击具有非对称性，仅能取非负值。由于该非对称内生成本推动冲击的均值为正，通胀的平均水平也为正值。此外，绑定的抵押品约束类似于一种时变劳动税，货币当局可通过设定正通胀率来平抑此类扭曲。更一般而言，本文核心结论与标准拉姆齐（Ramsey）理论相符，即最优政策会在长期内平滑各类扭曲。