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This paper determines the real effects of credible disinflation when price setting is staggered. The results are surprising: a fairly quick disinflation causes a boom. This finding suggests that nominal price rigidity alone does not explain why disinflation is costly in actual economies
Persistent link: https://www.econbiz.de/10013238951
This paper determines the real effects of credible disinflation when price setting is staggered. The results are surprising: a fairly quick disinflation causes a boom. This finding suggests that nominal price rigidity alone does not explain why disinflation is costly in actual economies
Persistent link: https://www.econbiz.de/10012475491
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In sticky price models with endogenous investment, virtually all monetary policy rules that set a nominal interest rate in response solely to future inʿation induce real indeterminacy of equilibrium. Applying the Samuelson-Farebrother conditions, we obtain a necessary and suffcient condition...
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