Wang, Peng-fei; Wen, Yi - Federal Reserve Bank of St. Louis - 2006
implies that monetary policy can drive a positive rate of in�ation to zero with virtually
no loss of output (see, e.g., Fuhrer …�erent cross-country propagation mechanism with respect to in�a-
tion. For this reason, we also consider endogenous monetary policy … represents shocks to monetary
policy. Our analyses show that regardless of the values of the Taylor rule parameters, the cross …