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1、State-DependentPricingandOptimalMonetaryPolicyDennyLieyTheUniversityofSydneyThisVersion:December2011FirstVersion:December2009AbstractThispaperanalyzesoptimalmonetarypolicyunderprecommitmentinastate-dependentpricing(SDP)environment.UnderSDP,monopolisticallycompetitive…rmsareallowedtoendogen
2、ouslychangethetimingofpriceadjustments.Ishowthatthisendogenoustimingofpriceadjustmentaltersthetradeo¤andthecostofin‡ationvariationfacedbythemonetaryauthorityincomparisontothestandardtime-dependentpricing(TDP)assumption.Inparticular,itisdesirabletoletin‡ationvarymoreunderSDP.Despitethechange
3、inthepolicytradeo¤,however,theoptimalresponseunderSDPtoeitheraproductivityoragovernmentpurchaseshockunderthetimelessperspective(long-run)policycanstillbecharacterizedasanapproximatepricestabilityrule.Additionally,thispaperstudiestheoptimalpolicystart-upproblemrelatedtothecostofadoptingtheti
4、melessperspectivepolicyinsteadofthetrueRamseypolicy.TheSDPassumptionleadstodi¤erentstart-updynamicscomparedtothedynamicsundertheTDPassumptioninseveralimportantways.Inparticular,thechangeinthepolicytradeo¤givesrisetomuchhigherstart-upin‡ationunderSDP.JELClassi…cation:E31,E52,E61Keywords:opti
5、malmonetarypolicy,state-dependentpricing,start-upproblem.IwishtothankRichardDennis,ChrisEdmond,SimonGilchrist,FabiáGumbau-Brisa,AndrewJohn,MikeJohnston,TimKam,BobKing,GiovanniOlivei,AliOzdagli,andAdrienVerdelhanforvaluablecommentsandsuggestions.CommentsbyseminarparticipantsatBostonUniversi
6、ty,FederalReserveBankofBoston,UniversityofSydney,UniversityofMelbourne,CityUniversityofHongKong,ReserveBankofAustralia,2011AsianMeetingsoftheEconometricSociety,andAustralianNationalUniversityaregratefullyacknowledged.Allerrorsaremine.ySchoolofEconomics
7、FacultyofArtsandSocialSciences
8、TheUniv
9、ersityofSydney
10、Email:denny.lie@sydney.edu.au1IntroductionThispaperstudiesoptimalmonetarypolicyunderprecommitmentinastate-dependentpricingenvironmentincontrasttothestandardassumptionoftime-dependentpricing.Currentlytherearealargeandgrowingnumberofstudiesi
