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This paper illustrates that the introduction of a money demand distortion into an otherwise standard New Keynesian Open Economy model generates multiple discretionary equilibria. These equilibria arise in the form of expectations traps whereby the monetary authority is trapped into validating...
Persistent link: https://www.econbiz.de/10005394055
We develop and estimate an open economy New Keynesian Phillips curve (NKPC) in which variable demand elasticities give rise to changes in desired markups in response to changes in competitive pressure from abroad. A parametric restriction on our specification yields the standard NKPC, in which...
Persistent link: https://www.econbiz.de/10005368498
This retrospective provides a biographical history of Denis Sargan's career and reviews his contributions to econometrics, emphasizing the breadth of his work in both theoretical and applied econometrics. We include a complete bibliography for Denis and a list of PhD theses that he...
Persistent link: https://www.econbiz.de/10005372638
a speech at the Annual Meeting of the American Economic Association, Philadelphia, Pennsylvania
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a speech at the Massachusetts Institute of Technology 2006 commencement, Cambridge, Massachusetts
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This paper compares discretionary monetary policy under two Phillips curves. Previous work uses a Phillips curve consistent with "Neoclassical" models of price adjustment. Sticky price models imply a "New-Keynesian" Phillips curve based on staggered price setting that delivers familiar results...
Persistent link: https://www.econbiz.de/10005513106
In this paper, we investigate a number of issues that have not been completely addressed in previous studies regarding the possible asymmetric effects of monetary policy. Overall, we interpret our results as weak evidence in favor of sticky-wage and sticky-price theories and strong evidence...
Persistent link: https://www.econbiz.de/10005372575
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