금융시장 참가제약과 최적 인플레이션율
Borrowing Constraints and Optimal Inflation Rate
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본 연구에서는 금융시장 참여제약을 받는 가계부문이 아무런 제약을 받지 않는가계부문과 공존하는 경직적 가격모형을 상정하여 최적 인플레이션율에 대해 논의한다. 독점적 경쟁의 재화시장과 외생적 소비습관(external habit formation), 금융시장의 참여제약 등과 같은 시장마찰이 존재하는 단순한 새 케인지안 모형에서 최적 인플레이션율은 어떠한 재정정책수단이 이용가능한가에 따라 결정된다. 본 연구의 결과에 따르면, 실물경제에 존재하는 시간가변적(time-varying) 비효율성을 완전히 제거할 수 있는 최적 조세정책이 이용가능할 경우 최적 인플레이션율은 전통적 새 케인지안 모형에서와 같이 0%에 가깝다. 그러나 실물경제에 존재하는 시간가변적 시장 마찰요인을 완전히 제거할 수 있는 시간가변적인 최적재정정책이 존재하지 않고 정액(lump-sum)의 조세 및 이전지출 수단이 존재하지않는다면, 통화정책당국은 산출물과 물가 안정 간에 존재하는 상충관계로 인하여양(+)의 인플레이션율을 허용하는 것이 바람직하였다. 일정한 정부부채비율을유지하는 경제에서 시간불변(time-invariant)의 조세수단만이 이용가능한 경우, 최적 인플레이션율은 1% 내외에 가깝게 나타났다.
Abstract
This paper sets up a sticky price model where both asset holders and non-asset holders exist to discuss its implication on optimal inflation rate. In a canonical new Keynesian model with external habit and financial market frictions, optimal inflation rate depends on the available tax instruments as well as the debt/GDP ratio. If a state-contingent tax policy can be employed to completely eliminate time-varying distortions associated with external habit, goods market and financial market fictions, then optimal inflation rate is nil. However, if state-contingent tax and lump-sum tax are not available, there is a trade-off between output stabilization and price stabilization. If the government has to maintain a constant debt/GDP ratio with time-invariant tax policy, then optimal inflation rate is about 1 percent in the economy with external habit, goods and financial market frictions.
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