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  5. Inflation targets, credibility, and persistence in a simple sticky-price framework
 
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Inflation targets, credibility, and persistence in a simple sticky-price framework

Author(s)
Whelan, Karl  
Rudd, Jeremy  
Uri
http://hdl.handle.net/10197/227
Date Issued
2003-07-23
Date Available
2008-06-11T16:18:55Z
Abstract
This paper presents a re-formulated version of a canonical sticky-price model that has been extended to account for variations over time in the central bank's inflation target. We derive a closed-form solution for the model, and analyze its properties under various parameter values. The model is used to explore topics relating to the effects of disinflationary monetary policies and inflation persistence. In particular, we employ the model to illustrate and assess the critique that standard sticky-price models generate counterfactual predictions for the effects of monetary policy.
Type of Material
Working Paper
Publisher
Federal Reserve
Series
Finance and Economics Discussion Series
No. 2003-43
Subjects

Inflation

Phillips curve

Subject – LCSH
Inflation (Finance)
Phillips curve
Monetary policy
Web versions
http://www.federalreserve.gov/pubs/feds/2003/200343/200343pap.pdf
Language
English
Status of Item
Not peer reviewed
This item is made available under a Creative Commons License
https://creativecommons.org/licenses/by-nc-sa/1.0/
File(s)
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whelank_workpap_040.pdf

Size

282.94 KB

Format

Adobe PDF

Checksum (MD5)

0b6197728a2d372cd6d39446648e01ce

Owning collection
Economics Research Collection

Item descriptive metadata is released under a CC-0 (public domain) license: https://creativecommons.org/public-domain/cc0/.
All other content is subject to copyright.

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