Using a projection method to analyze inflation bias in a micro-founded model
نویسندگان
چکیده
منابع مشابه
Using a Projection Method to Analyze Inflation Bias in a Micro-Founded Model∗
Since Kydland and Prescott (1977) and Barro and Gordon (1983), a quadratic one-period loss function has been used widely in most of existing literature to analyze inflation bias induced by discretion. In this paper, instead of following the conventional linear-quadratic approach, we use a projection method to investigate the size of inflation bias in a mirco-founded non-linear model where firms...
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ژورنال
عنوان ژورنال: Journal of Economic Dynamics and Control
سال: 2010
ISSN: 0165-1889
DOI: 10.1016/j.jedc.2010.06.024