Credible Disinflation with Staggered Price Setting, Issue 3555

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National Bureau of Economic Research, 1990 - Anti-inflationary policies - 27 pages
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This paper determines the real effects of credible disinflation when price setting is staggered. The results are surprising: a fairly quick disinflation causes a boom. This finding suggests that nominal price rigidity alone does not explain why disinflation is costly in actual economies.

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