Pricing policies and inflation inertia, Issues 2003-2087
Luis Felipe CÚspedes, Michael Kumhof, Eric Parrado, International Monetary Fund. Asia and Pacific Dept
International Monetary Fund, 2003 - Business & Economics - 26 pages
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aggregate inflation aggregate price budget constraint Business Cycle Calvo Calvo-Yun model Celasun Christiano Clarida component of aggregate Credible Disinflation defined definition of equilibrium deviation from steady Dynamics Eichenbaum Figure firm-specific inflation rate front loading Fuhrer and Moore Gali Gertler government policy highly persistent monetary Households Imperfect Credibility implies impulse responses inertia and persistence inflation and output inflation inertia Inflation Persistence interest rate smoothing Journal of Economic Keynesian Kumhof Kydland labor linearize list of stochastic Macroeconomics market clears maximize monetary policy rule monetary policy shock nominal interest rate nominal rigidities percent per annum permanent change persistent monetary policy Phillips curve price level price path price setters price setting rational expectations real effects real interest rate real wage recession recessionary disinflations responds very little response of inflation scaled aggregate output shock processes slow inflation response specification steady-state inflation rate stochastic processes Technology Shock U-shaped output response updating rates updating their prices