Berkelmans, Leon W. - Federal Reserve Board (Board of Governors of the … - 2008
increase in inflation (the "price puzzle") and a delayed disinflation (a "hump"). A conservative numerical illustration …This paper examines the role of multiple aggregate shocks in monetary models with imperfect information. Because agents … symmetric, perfect information, zero inflation steady state where all prices and output levels are
the same. That is, at those …