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The Dynamics of Disinflation
Estimation Results for the NonOil GNP Deflator RegionSpecific
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absorption deflator adaptive expectations aggregate demand assumed asymptotically backward-looking Canada capacity utilization rate coefficients contract wages costs of disinflation cumulative output loss current inflation decline in money deviation from baseline disinflation programs disinflationary policies domestic Economic Estimation Results excess demand exchange rate target exchange-rate target flexible labor markets future expected inflation implies industrial countries inflation equation inflation stickiness Japan led inflation likelihood function likelihood-ratio test money demand money growth rate money supply MULTIMOD nominal balances nominal interest rate nominal money Non-Oil GNP Deflator optimal disinflation path parameter on capacity Percent deviation percentage points period Phillips curve Pre-announced price adjustment price equation price level price stability rate of inflation real balances real exchange rate real interest rates real money balances reduction in money sacrifice ratio shown in Table simulations staggered contracts model Sticky Prices Symansky U.S. dollar variance-covariance matrix weight on future weighted average zero output losses