Optimal state-dependent rules, credibility, and inflation inertia
نویسندگان
چکیده
منابع مشابه
Optimal state-dependent rules, credibility, and inflation inertia
We use a state-dependent model where pricing rules are optimal to examine the costs of a money-based disinflation under various assumptions about the credibility of the policy change. Our analysis allows us to relate actual credibility and future inflation inertia to the asymmetry of the price deviation distribution. An important implication of our statedependent setting is that disinflation ca...
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ژورنال
عنوان ژورنال: Journal of Monetary Economics
سال: 2002
ISSN: 0304-3932
DOI: 10.1016/s0304-3932(02)00169-1