Optimising Microfoundations for Inflation Persistence.
Much recent monetary policy literature has searched for models suitable for policy analysis that are based on optimising microfoundations and consistent with the data, especially observed persistence of inflation and the output gap. Few models do well on both criteria. We derive an optimising Philli...
| Main Author: | |
|---|---|
| Format: | Working paper |
| Published: |
Department of Economics (University of Oxford)
2004
|