BISWorkingPapersNo1167MonetaryPolicywithProfit-DrivenInflationbyEnisseKharroubiandFrankSmetsMonetaryandEconomicDepartmentFebruary2024JELclassification:D21,E23,E31,E32,E52,E62,H24,H25Keywords:energypriceshocks,pricestickiness,reservationprofits,optimalmonetarypolicy,corporatetaxBISWorkingPapersarewrittenbymembersoftheMonetaryandEconomicDepartmentoftheBankforInternationalSettlements,andfromtimetotimebyothereconomists,andarepublishedbytheBank.Thepapersareonsubjectsoftopicalinterestandaretechnicalincharacter.TheviewsexpressedinthemarethoseoftheirauthorsandnotnecessarilytheviewsoftheBIS.ThispublicationisavailableontheBISwebsite(www.bis.org).©BankforInternationalSettlements2024.Allrightsreserved.Briefexcerptsmaybereproducedortranslatedprovidedthesourceisstated.ISSN1020-0959(print)ISSN1682-7678(online)MonetaryPolicywithProfit-DrivenInflationEnisseKharroubi†andFrankSmets‡AbstractFollowingevidenceontheroleoffirmprofitsinthecurrentinflationsurge,wedevelopaNewKeynesianmodelwhereprofit-driveninflationstemsfromthepresenceofreservationprofitsonthesupplyside.Weusethisframeworktoinvestigatethepositiveandnormativeimplicationsofcostpushshocks,focusingonenergypriceshocks.Wefirstshowthattheseshocksleadtoinefficientlylargesupplycontractionsandtherebyinefficientlylarge(profit-driven)inflation,asfirmswhichretrenchdonotinternalis...
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