Copertina ECO.indd

نویسندگان

  • ALEXIS ANAGNOSTOPOULOS
  • OMAR LICANDRO
  • Omar Licandro
  • Alexis Anagnostopoulos
  • Italo Bove
  • Karl Schlag
چکیده

We provide a simple theory of in‡ation inertia in a staggered price setting framework a la Calvo (1983). Contrary to Calvo’s 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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تاریخ انتشار 2006