Working paper
Optimising Microfoundations for Inflation Persistence.
- Abstract:
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Much recent monetary policy literature has searched for models suitable for policy analysis that are based on optimising microfoundations and consistent with the data, especially observed persistence of inflation and the output gap. Few models do well on both criteria. We derive an optimising Phillips curve based on a much more general time dependent pricing rule than that underpinning current models and calibrate it using microeconomic evidence on price changing behaviour. The more general, ...
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Bibliographic Details
- Publisher:
- Department of Economics (University of Oxford)
- Series:
- Discussion paper series
- Publication date:
- 2004-01-01
Item Description
- UUID:
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uuid:f0125c26-b9d3-41b1-b012-ff882f6336a3
- Local pid:
-
ora:1222
- Deposit date:
-
2011-08-16
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- Copyright date:
- 2004
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