Helen Gail Robbins: National President Optometrists Association Australia

national library of australia

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A publication of the National Herbalists Association of Australia

A publication of the National Herbalists Association of Australia

Michael Gail

This paper examines the role of habit persistence in consumption in explaining persistent responses of inflation and output to money growth shocks. A monetary stochastic dynamic general equilibrium (DGE) model with a money-in-the-utility-function (MIU-) setup is augmented by habit formation in consumption and evaluated for both Taylor and Calvo price staggering. It is shown that in the benchmar...

Helen.