Eusepi, Stefano; Hobijn, Bart; Tambalotti, Andrea - Federal Reserve Bank of San Francisco - 2009
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Keywords: core in�ation, nominal rigidities, optimal monetary policy, price indexes.
JEL-code: E31, E52, E … produce the value added embodied in consumption goods. This
14 In NIPA Table 2.3.4 (Price Indexes for Personal Consumption … subsidy) and Tt lump-sum transfers from the government.17
3.1.1 Consumption Aggregates and Price Indexes
Final consumption is …