- Abstract
- Non-technical summary
- 1 Introduction
- 2 The model
- 2.1 Households v2.2 Firms
- 2.3 The government
- 2.4 Equilibrium
- 2.5 Solution method and model calibration
- 2.6 Log-linear representation
- 3 Optimal policy
- 3.1 Optimal policy under commitment
- 3.2 Optimal policy with discretion
- 4 Simple rules
- 5 Conclusion
- Figures
- Appendices
- References 50European Central Bank Working Paper Series
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