Wang, Pengfei; Wen, Yi - Federal Reserve Bank of St. Louis - 2009
, 2009), milder economic shocks
(Stock and Watson, 2002), improved inventory management (Kahn, McConnel, and Perez … knowledge, we are the �rst to derive closed-form solutions
in a discrete-time framework with irreversible investment and …%. This suggests that, even if monetary policy had not changed (Clarida,
Gali and Gertler, 2000), the inventory management …