The resurgence of inflation has been accompanied by a reversal of prospects of growth, with a prominent role assigned to the fall of households' purchasing power. Yet this real income effect of inflation surprises, independent of restrictive monetary policy, is not present in the standard New Keynesian models for monetary policy. The reason lies in the formulation of the consumption-based “IS equation”. The paper shows how the income effect can be introduced by reformulating the consumption function, with the consequence that it exerts an autonomus stabilization effect on inflation. The main monetary policy implications are examined by means of simulations.

中文翻译：

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具有“真实”消费函数的新凯恩斯主义经济中的通货膨胀令人惊讶

通胀再度抬头伴随着增长前景的逆转，其中家庭购买力下降扮演了重要角色。然而，独立于限制性货币政策的通胀意外带来的实际收入效应并不存在于标准的新凯恩斯主义货币政策模型中。原因在于基于消费的“IS方程”的制定。本文展示了如何通过重新表述消费函数来引入收入效应，从而对通货膨胀发挥自主稳定作用。主要的货币政策影响通过模拟的方式进行检验。