lowers the frequency of creative destruction (i.e., product substitution) because inflation reduces the reward for innovation …

reward for innovation via menu cost payments and, thus, lower the frequency of creative destruction. Central banks can …

This paper studies the macroeconomic effects of energy price shocks in energy-importing economies using a heterogeneous …-agent New Keynesian model. When MPCs are realistically large and the elasticity of substitution between energy and domestic … goods is realistically low, increases in energy prices depress real incomes and cause a recession, even if the central bank …

model calibrated to data for Australia and the United States, the innovation of this paper is the incorporation of climate …