Inflation targets, credibility, and persistence in a simple sticky-price framework
Division of Research & Statistics and Monetary Affairs, Federal Reserve Board, 2003 - Business & Economics - 32 pages
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actual inﬂation Ana Aizcorbe assume average markup bank’s inﬂation target Banking Industry baseline model baseline sticky-price model Bomﬁm Brian Sack central bank’s inﬂation closed-form solution decline in inﬂation decline in output deﬁned degree of inﬂation disinﬂationary boom Economics Discussion Series Eﬁects February Federal Reserve Board Finance and Economics ﬁrm’s ﬁrst future inﬂation gradual Gregory Mankiw imperfect central bank implies impulse responses inﬂation and output inﬂation equation inﬂation persistence Jeremy Rudd Karl July level of inﬂation Mankiw’s example Mark Carlson Mark Gertler Market misperceptions Monetary Policy Rules monetary policy shock money supply new-Keynesian Phillips curve output and inﬂation output equation output gap path of inﬂation percentage point price equation price level rational expectations real interest rate real marginal cost reduction in inﬂation reﬂects response of inﬂation Rudd Karl Whelan September 2002 Sigma Speciﬁcally steady-state inﬂation Sticky Prices target inﬂation rate Taylor rule tradeoff between inﬂation types of shocks