Monetary Dynamic Stochastic General Equilibrium Models and Inflation Persistence
ABSTRACTThe paper investigates the capacity of New Keynesian (NK) models to explain inflation persistence without relying on ad hoc backwards‐looking mechanisms or external source of inertia. It explores various features of NK models– such as sticky wages, roundabout production structure, positive trend inflation, and monetary policy inertia– that ...
Salaheddine El Omari, Jalal Qanas
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This paper seeks to develop an optimal fiscal policy rule for the Colombian economy that interacts with the monetary policy in order to stabilize the product and inflation gap.
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The American Keynesian economist and Nobel laureate James Tobin entitled his contribution to the inaugural issue of Journal of Money, Credit and Banking “A General Equilibrium Approach to Monetary Theory” (1969) yet he was sharply critical of the version
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