An evolutionary theory of ination inertia
نویسندگان
چکیده
We provide a simple theory of ination inertia in a staggered price setting framework a la Calvo (1983). Contrary to Calvos formulation, the frequency of price changes is allowed to vary according to an evolutionary criterion. Inertia is the direct result of gradual adjustment in this frequency following a permanent change in the rate of money growth.
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