Title of article
OptimaldisinflationinnewKeynesianmodels
Author/Authors
Marcus Hagedorn، نويسنده ,
Issue Information
روزنامه با شماره پیاپی سال 2011
Pages
14
From page
248
To page
261
Abstract
Centralbankers’conventionalwisdomsuggeststhatnominalinterestratesshouldbe
raisedtoattainalowerinflationtarget.Incontrast,IshowthatthestandardNew
Keynesianmonetarymodelwithrationalexpectationsandfullcredibilitypredictsthat
nominalinterestratesshouldbedecreasedtoattainthisgoal.Realinterestrates,
however,arevirtuallyunchanged.TheseresultsalsoholdinrecentvintagesofNew
Keynesianmodelswithstickywages,priceandwageindexationandhabitformationin
consumption.
Journal title
Journal of Monetary Economics
Serial Year
2011
Journal title
Journal of Monetary Economics
Record number
846469
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