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Inflation stabilization and welfare : the case of a distorted steady state

Benigno, Pierpaolo (contributor); … - 2004

"This paper considers the appropriate stabilization objectives for monetary policy in a microfounded model with staggered price-setting. Rotemberg and Woodford (1997) and Woodford (2002) have shown that under certain conditions, a local approximation to the expected utility of the representative...