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Discretionary monetary policy and inflation persistence

Article Abstract:

An analysis of the persistency puzzle by focusing on the discretionary nature of monetary policy is presented as rational expectation models of staggered price/wage contracts have failed to replicate the observed persistence in inflation and unempoyment during disinflationary periods.

Author: Westelius, Niklas J.
Publisher: Elsevier B.V.
Publication Name: Journal of Monetary Economics
Subject: Economics
ISSN: 0304-3932
Year: 2005
Unemployment, Models, Rational expectations (Economics)

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Comment on: 'using a long-term interest rate as the monetary policy instrument.'

Article Abstract:

The implications of using long-term interest rate over short-term interest rate are examined.

Author: Woodford, Michael
Publisher: Elsevier B.V.
Publication Name: Journal of Monetary Economics
Subject: Economics
ISSN: 0304-3932
Year: 2005
Forecasts, trends, outlooks, Interest Rates, Methods, Usage, Forecasts and trends, Market trend/market analysis, Monetary policy

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Subjects list: United States, Analysis, Inflation (Finance), Inflation (Economics)
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