Habit formation and the persistence of monetary shocks

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چکیده

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Optimal Monetary Policy in a Model with Habit Formation

A number of recent papers have explored monetary policy options, including inflation targeting and inflation forecast targeting (notably Svensson (1999a, 1999b, 2000)) and price level targeting (Wolman 2000, Batini and Yates 1999, Blinder 1999). Most papers explore “optimal” monetary policy in the context of a single model. However, a number of conclusions made in the literature depend strongly...

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ژورنال

عنوان ژورنال: Journal of Monetary Economics

سال: 2005

ISSN: 0304-3932

DOI: 10.1016/j.jmoneco.2005.08.009