Monetary Policy with an Endogenous Capital Stock When Inflation Is Persistent.
The paper presents a monetary policy model with an endogenous capital stock when a backward looking element in wage setting causes inflation persistence. We analyse how the endogeneity of the capital stock changes the macroeconomic dynamics with which policy interacts and its implications for optima...
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| Format: | Working paper |
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Department of Economics (University of Oxford)
2002
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