International Competition and Inflation: A New Keynesian Perspective
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چکیده
منابع مشابه
Trend Inflation and Inflation Persistence in Australia: A New Keynesian Perspective
The empirical shortcomings of the purely forward-looking New Keynesian Phillips curve (NKPC) have generally been attributed to its inability to generate sufficient persistence in inflation. While the literature moved towards incorporating backward-looking terms into the NKPC, their somewhat ad-hoc rationales have been an ongoing source of criticism. This thesis attempts to ascertain the extent ...
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I n most industrialized economies, periods of above average inflation tend to be associated with above average economic activity, for example, as measured by a relatively low unemployment rate. This statistical relationship, known as the Phillips curve, is sometimes invoked when economic commentators suggest that monetary policy should not try to suppress signs of inflation. But this interpreta...
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www.philadelphiafed.org to the financial instruments that help guard savings from being eroded by inflation.1 Also, households and firms often write contracts that are stated in dollar amounts (nominal terms). A worker may, for example, sign a contract to work over the upcoming year for a fixed dollar amount. If inflation turns out to be higher than what was expected at the time the contract wa...
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ژورنال
عنوان ژورنال: American Economic Journal: Macroeconomics
سال: 2010
ISSN: 1945-7707,1945-7715
DOI: 10.1257/mac.2.4.247