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normalizing and imposing independence conditions lead to distinct specifications of the covariance between inflation persistence … parameter and inflation shock. Moreover, the paper discusses this covariance in the light of the microfoundations of the hybrid … New Keynesian Phillips-curve, finding inflation persistence to be non-orthogonal to shocks …
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followed the German hyper-inflation. Significant real dislocations arose after the monetary reform; and these can be attributed … to a government policy which subsidized heavy industry through the inflation tax proceeds. The "credibility problem …
Persistent link: https://www.econbiz.de/10013221534
This paper examines two candidate hypotheses explaining the stabilization of U.S. inflation since the 1970s and 1980s …. The first explanation credits the stabilization of inflation expectations, and assumes those expectations have a strong … positive causal effect on actual subsequent inflation, while the second explanation credits the disappearance of such a strong …
Persistent link: https://www.econbiz.de/10013210390
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followed the German hyper-inflation. Significant real dislocations arose after the monetary reform; and these can be attributed … to a government policy which subsidized heavy industry through the inflation tax proceeds. The "credibility problem …
Persistent link: https://www.econbiz.de/10012478387
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