Monetary Magic? : How the Fed Improved the Flexibility of the U.S. Economy /
Extending recent theoretical contributions on sources of inflation inertia, we argue that monetary uncertainty accounts for sluggish expectations adjustment to nominal disturbances. Estimating a model in which rational individuals learn over time about shifts in U.S. monetary policy and the Phillips...
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| Format: | Revue |
| Langue: | English |
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Washington, D.C. :
International Monetary Fund,
2004.
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| Collection: | IMF Working Papers; Working Paper ;
No. 2004/024 |
| Accès en ligne: | Full text available on IMF |