Working paper
Optimising microfoundations for inflation persistence
- Abstract:
-
Much recent monetary policy literature has searched for structural models suitable for policy analysis that are both based on optimising microfoundations and consistent with the data, especially observed persistence in inflation and output. Few models do well on both criteria. We derive an optimising model of the Phillips curve based on a generalised time dependent pricing rule, calibrate it using microeconomic evidence on price changing behaviour and simulate it with a standard discretionary...
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- Publication status:
- Published
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Bibliographic Details
- Publisher:
- University of Oxford
- Series:
- Department of Economics Discussion Paper Series
- Publication date:
- 2004-01-01
- Paper number:
- 183
Item Description
- Keywords:
- Pubs id:
-
1144254
- Local pid:
-
pubs:1144254
- Deposit date:
-
2020-12-15
Terms of use
- Copyright date:
- 2004
- Rights statement:
- Copyright 2004 The Author(s)
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