Juillard, Michel; Le Bihan, Herve; Millard, Stephen - Bank of England - 2013
euro area, and investigate the monetary policy consequences of non-synchronised wage-setting. The model has the potential … to generate responses to monetary policy shocks that differ according to the timing of the shock. Using a realistic … quarters turns out however to be moderate. Relatedly, we obtain that the optimal monetary policy rule does not vary much across …