Edge, Rochelle M. (contributor); Laubach, Thomas (contributor) - 2004 - [Elektronische Ressource]
study the e ects on inflation in reduced-form
models.
1
(see Gordon 1999, 2000, 2003). As shown in this paper, this pattern … time 0 is given by:
E
0
1
X
t=0
t
U
t
; (8)
where is the household’s rate of time preference and U
t
denotes the …
i
= G
h
G
a
G
z
; (16)
G
y
= G
s
c
c
G
1−s
c
i
;: (17)
where G
x
denotes the steady-state gross growth rate of variable …