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- 2020-11-02 发布于湖北
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New Keynesian Microfoundations Revisited: A Generalised Calvo-Taylor
Model and the Desirability of Inflation vs. Price Level Targeting
Richard Mash
Department of Economics and New College
University of Oxford
Preliminary draft: January 2002
Abstract
Optimal monetary policy is sensitive to the Phillips curve used to represent the dynamics of
inflation and output. Most recent literature has used a New Keynesian Phillips Curve based on
Calvo pricing. This paper shows that this work
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