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Persistent link: https://www.econbiz.de/10003448470
This paper considers the desirability of the observed tendency of central banks to adjust interest rates only gradually in response to changes in economic conditions. It shows, in the context of a simple model of optimizing private-sector behavior, that such inertial behavior on the part of the...
Persistent link: https://www.econbiz.de/10009768269
Persistent link: https://www.econbiz.de/10001362623