Leith, Campbell; Moldovan, Ioana; Rossi, Raffaele - European Central Bank - 2009
.html
ISSN 1725-2806 (online)
3
ECB
Working Paper Series No 1076
July 2009
Abstract 4
Non-technical summary 5
1 Introduction 7
2 … inertia which has implications for optimal policy, as discussed below.
7
ECB
Working Paper Series No 1076
July 2009
inflation …
= C
k
t
−θC
t−1
,
9
ECB
Working Paper Series No 1076
July 2009
where household k’s consumption, C
k
t
, is an aggregate …