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Positive Trend Inflation and Determinacy in a Medium-Sized New Keynesian Model
(15.06.2020)
International Journal of Central Banking 3 ; June
International Journal of Central Banking 3 ; June
This paper studies the challenge that increasing the inflation target poses to equilibrium determinacy in a mediumsized New Keynesian model without indexation fitted to the Great Moderation era. For moderate targets of the ...