Deconstructing the Art of Central Banking /
This paper proposes a markedly different transmission mechanism from monetary policy to the macroeconomy, focusing on how policy changes nominal inertia in the Phillips curve. Using recent theoretical developments, we examine the properties of a small, estimated U.S. monetary model distinguishing fo...
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| Format: | Revija |
| Jezik: | English |
| Izdano: |
Washington, D.C. :
International Monetary Fund,
2004.
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| Serija: | IMF Working Papers; Working Paper ;
No. 2004/195 |
| Online dostop: | Full text available on IMF |