Acocella, Nicola and Di Bartolomeo, Giovanni and Tirelli, Patrizio (2009) Optimal trend inflation under inflation targeting. Working Paper. Dipartimento di Studi Geoeconomici, Linguistici, Statistici e Storici per l'Analisi regionale, Università di Roma La Sapienza, Roma, Italia, Roma. (Unpublished)
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Abstract
General equilibrium models with nominal rigidities cannot find a rationale for the optimality of positive inflation targets. Our key contribution is that a long-term trade-of between inflation and output efficiency may exist in the long rum due to real money balance effects.
| Item Type: | Monograph (Working Paper) |
|---|---|
| Additional Information: | Jel classification: E52, E58, J51; E24 |
| Uncontrolled Keywords: | trend inflation, long run Phillips curve, inflation targeting, real money balances |
| Subjects: | 300 Scienze sociali > 330 Economia |
| Depositing User: | Prof. Nicola Acocella |
| Date Deposited: | 16 Jul 2009 |
| Last Modified: | 20 May 2010 12:02 |
| URI: | http://eprints.bice.rm.cnr.it/id/eprint/984 |
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