New Keynesian Microfoundations Revisited: A Calvo-Taylor-Rule-of-Thumb Model and Optimal Monetary Policy Delegation
We analyze the microfoundations of the Phillips curve and the close links between that relationship and results concerning optimal monetary policy, stabilisation bias and monetary policy delegation. Most recent literature has used a New Keynesian Phillips Curve based on Calvo pricing, often with an...
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| Format: | Working paper |
| Language: | English |
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Department of Economics (University of Oxford)
2003
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New Keynesian microfoundations revisited: a Calvo-Taylor-rule-of-thumb model and optimal monetary policy delegation
Published 2003
Working paper