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both the vacancy-unemployment ratio and employment. We show that the standard version of the Mortensen-Pissarides matching …
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, in particular by capturing the procyclic movements of monetary aggregates, inflation and interest rates. And its …
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What instruments of monetary policy must be used in order to implement a unique equilibrium? This paper revisits the issues addressed by Poole (1970) and Sargent and Wallace (1975) on the multiplicity of equilibria when policy is conducted with either interest rate or money supply rules. We show...
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the inertial response of inflation. The model incorporates labor market frictions, capital accumulation, and nominal price …
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Shimer and Hall point out how new measurements of the job finding probability explain unemployment volatility significantly …
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