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We investigate the optimality of monetary policy targeting rules in a macroeconomic model based on explicit micro-foundations for intrinsic persistence in inflation and real output. For the corresponding social welfare loss function to be minimized by the central bank, inertia arises...
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Innovation is often seen as carried out by highly educated labor in R&D intensive companies with strong ties to leading … centers of excellence in the scientific world. Seen from this angle innovation is a typical “first world” activity. There is …, however, another way to look at innovation that goes significantly beyond this high-tech picture. In this broader perspective …
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innovation, evolutionary economics, and the economics of science and technology. …
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