The Dynamics of Inflation with Constant Deficit Under Expected Regime Change
نویسندگان
چکیده
منابع مشابه
Non-constant Hazard Function and Inflation Dynamics
This paper explores implications of nominal rigidity characterized by a non-constant hazard function for aggregate dynamics. I derive the NKPC under an arbitrary hazard function and parameterize it with the Weibull duration model. The resulting Phillips curve involves lagged ination and lagged expectations. It nests the Calvo NKPC as a limiting case in the sense that the e¤ects of both terms a...
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ژورنال
عنوان ژورنال: The Economic Journal
سال: 1990
ISSN: 0013-0133
DOI: 10.2307/2233971