Meenagh, David; Minford, Patrick; Nowell, Eric; Sofat, … - 2007
, New Keynesian, New Classical, nominal rigidity, monetary
regime shifts
JEL Classi�cation: E31, E37
We thank John Dri� ll … exempli�ed by Christiano et al (2005) and Smets and Wouters (2003); they have been dubbed �New
Keynesian�or �New NeoKeynesian … persistence. We
now turn to the speci�cation and calibration of the New Keynesian and New Classical models within
each regime we …