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"Price rigidity is the key mechanism for propagating business cycles in traditional Keynesian theory. Yet the New … not be a theoretical question, but an empirical one"--Federal Reserve Bank of St. Louis web site …
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sectoral comovement is rigidity in nominal wages"--Federal Reserve Bank of St. Louis web site …
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predictions of interest rates based on a general equilibrium theory are partially consistent with US data"--Federal Reserve Bank …
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