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Output persistence from monetary shocks with staggered prices or wages under a Taylor Rule
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Daros, Sebastiano and Rankin, Neil (2009) Output persistence from monetary shocks with staggered prices or wages under a Taylor Rule. Economics Letters, Vol.105 (No.2). pp. 148-151. doi:10.1016/j.econlet.2009.07.001 ISSN 0165-1765.
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Official URL: http://dx.doi.org/10.1016/j.econlet.2009.07.001
Abstract
We analytically examine output persistence from monetary shocks in a DSGE model with staggered prices or wages under a Taylor Rule. Surprisingly, while Taylor-style staggering never yields persistence, Calvo-style staggering of wages does generate persistence under decreasing returns to labour. (C) 2009 Elsevier B.V. All rights reserved.
Item Type: | Journal Article | ||||
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Subjects: | H Social Sciences > HC Economic History and Conditions | ||||
Divisions: | Faculty of Social Sciences > Economics | ||||
Journal or Publication Title: | Economics Letters | ||||
Publisher: | Elsevier | ||||
ISSN: | 0165-1765 | ||||
Official Date: | November 2009 | ||||
Dates: |
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Volume: | Vol.105 | ||||
Number: | No.2 | ||||
Number of Pages: | 4 | ||||
Page Range: | pp. 148-151 | ||||
DOI: | 10.1016/j.econlet.2009.07.001 | ||||
Status: | Peer Reviewed | ||||
Publication Status: | Published | ||||
Access rights to Published version: | Restricted or Subscription Access |
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