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despite overwhelming evidence that zero inﬂation is neither empirically relevant nor
Optimal monetary policy under commitment 1
ADDARIO ANGELINI annali di economia Aspetti ﬁnanziari benchmark calibration BLASIO Bologna Cannari CGIRs Chiri Clarida commerciali del credito cost-push shock credito tra imprese December deﬁned dynamics economisti e annali effect efficient policy frontier empirical equation Euler equation euro area February ﬁnal ﬁnanziari e commerciali ﬁnd ﬁnding ﬁrst forward-looking gains to commitment GAMBACORTA Giomale degli economisti imprese in Italia Imprese o intermediari impulse response impulse response functions indeterminacy inﬂation and output inﬂation rate IRFs Joumal of Money June Keynesian Labour Economics level of trend LIPPI loss function monetary authority money demand money supply money supply growth Mulino NKPC nominal interest rate nominal money Omiccioli eds optimal monetary policy output and inﬂation PAIELLA Phillips Curve positive trend inﬂation rates of inﬂation real money balances Schmitt-Grohé and Uribe September 2007 spatial network supply growth rate technology shock transmission mechanism trend inﬂation increases zero inﬂation zero trend inﬂation