Limited asset market participation, sticky wages and monetary policy
A small amount of nominal wage stickiness makes Limited Asset Market Participation (LAMP) irrelevant for the design of monetary policy. Recent research argues that LAMP could invert the slope of the IS curve in otherwise standard New Keynesian models. This, in turn, implies that optimal monetary pol...
| Main Authors: | , , |
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| Format: | Journal article |
| Published: |
Wiley
2016
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