Activist Monetary Policy under Rational Expectations
نویسندگان
چکیده
منابع مشابه
Stabilizing Powers of Monetary Policy under Rational Expectations
The potential of monetary policy to stabilize fluctuations in output and employment is demonstrated in a stochastic rational expectations model in which firms choose, considering average profitability, to set prices in advance of the period when they apply to goods sold. This lead time in pricing decisions increases the fluctuations of output about the normal employment level. But proper use of...
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ژورنال
عنوان ژورنال: Journal of Political Economy
سال: 1981
ISSN: 0022-3808,1537-534X
DOI: 10.1086/260964