Output persistence from monetary shocks with staggered prices or wages under a Taylor Rule
نویسندگان
چکیده
منابع مشابه
Endogenous Growth, Monetary Shocks and Nominal Rigidities
We introduce endogenous growth in an otherwise standard NK model with staggered prices and wages. Some results follow: (i) monetary volatility negatively affects long-run growth; (ii) the relation between nominal volatility and growth depends on the persistence of the nominal shocks and on the Taylor rule considered; (iii) a Taylor rule with smoothing increases the negative effect of nominal vo...
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ژورنال
عنوان ژورنال: Economics Letters
سال: 2009
ISSN: 0165-1765
DOI: 10.1016/j.econlet.2009.07.001