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paper, we examine how credibility affects the outcome of a disinflation in a model with endogenous time-dependent pricing … play an important role in explaining the effects of imperfect credibility. We initially consider the costs of disinflation … when the degree of credibility is fixed, and then allow agents to use Bayes’ rule to update beliefs about the “type” of …
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In this paper, we show that strategic complementaritiessuch as firm-specific factors or quasikinked demandhave crucial implications for the design of monetary policy and for the welfare costs of output and inflation variability. Recent research has mainly used log-linear approximations to...
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How can we explain the observed behavior of aggregate inflation in response to e.g. monetary policy changes? Mankiw and Reis (2002) have proposed sticky information as an alternative to Calvo sticky prices in order to model the conventional view that i) inflation reacts with delay and gradually...
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