observations per contract period is large relative to the sample size, standard GMM asymptotic theory provides unreliable …

indexed to the nominal price and, as a result, their investment is more sensitive to nominal price shocks. We also find that … the overall degree of nominal indexation increases with the uncertainty of the price level. An implication of this is that … economies with higher price-level uncertainty are less vulnerable to a price shock of a given magnitude, that is, aggregate …

This paper compares price-level-path targeting (PT) with inflation targeting (IT) in a sticky-price, dynamic, general …

Real rigidities that limit the responsiveness of real marginal cost to output are a key ingredient of sticky price …