أعرض تسجيلة المادة بشكل مبسط

dc.creator Levin, Andrew T.
dc.creator López-Salido, José David
dc.creator Yun, Tack
dc.date 2007
dc.date.accessioned 2013-10-16T06:57:08Z
dc.date.available 2013-10-16T06:57:08Z
dc.date.issued 2013-10-16
dc.identifier http://hdl.handle.net/10419/17867
dc.identifier ppn:535021968
dc.identifier.uri http://koha.mediu.edu.my:8181/xmlui/handle/10419/17867
dc.description In this paper, we show that strategic complementarities?such as firm-specific factors or quasikinked demand?have crucial implications for the design of monetary policy and for the welfare costs of output and inflation variability. Recent research has mainly used log-linear approximations to analyze the role of these mechanisms in amplifying the real effects of monetary shocks. In contrast, our analysis explicitly considers the nonlinear properties of these mechanisms that are relevant for characterizing the deterministic steady state as well as the second-order approximation of social welfare in the stochastic economy. We demonstrate that firm-specific factors and quasi-kinked demand curves yield markedly different implications for the welfare costs of steady-state inflation and inflation volatility, and we show that these considerations have dramatic consequences in assessing the relative price distortions associated with the Great Inflation of 1965-1979.
dc.language eng
dc.publisher Kiel Institute for the World Economy (IfW) Kiel
dc.relation Kieler Arbeitspapiere 1355
dc.rights http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject E52
dc.subject E32
dc.subject E31
dc.subject ddc:330
dc.subject firm-specific factors
dc.subject quasi-kinked demand
dc.subject welfare analysis
dc.title Strategic Complementarities and Optimal Monetary Policy
dc.type doc-type:workingPaper


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أعرض تسجيلة المادة بشكل مبسط