The cost-channel of monetary transmission under positive trend inflation
نویسندگان
چکیده
We study the dynamics of cost-channel monetary transmission mechanism using a New-Keynesian model with nonzero steady state inflation. show that effects depend almost entirely on level trend inflation in economy. These results are demonstrated analytically and numerically by focusing impact policy shocks response output.
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ژورنال
عنوان ژورنال: Economics Letters
سال: 2021
ISSN: ['1873-7374', '0165-1765']
DOI: https://doi.org/10.1016/j.econlet.2021.109802