sectors, this paper investigates the performance of inflation targeting and price-level targeting when the zero lower bound on … hitting the lower bound is lower under price-level targeting than inflation targeting, with 'lower bound episodes' being less … frequent and lasting for shorter periods of time. Second, the volatilities of key macroeconomic variables are lower under price …

This paper investigates the long-term impact of price-level targeting on social welfare in an overlapping generations … of an optimal commitment Ramsey policy. Due to the absence of base-level drift under price-level targeting, long … from price- level targeting is equivalent to a permanent increase in aggregate consumption of only 0.01 per cent, but this …

The paper presents a theory of the industrial transformation amongst sectors using endogenous growth theory. Allowing … time from agriculture to manufacturing and to services. Abstracting from international trade theory, sectors intensive in …

sellers offer sizeable price cuts and sell faster. If the number of distressed sales rises then even relaxed sellers are …

this captures the fact that price-spells are generated by firms' price-setting behavior. Since the distribution of …-biased sampling. Modelling the price-spell durations in this way enables us to see how Taylor, Calvo and their generalizations relate … to each other, and enable us to compare price-setting behavior for a given distribution of durations. We also show how …

price of capital (Tobin's q) and growth. A dynamic stochastic general equilibrium model of endogenous growth is developed to …