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Several arguments are relevant. (1) In the absence of the zero lower bound (ZLB), the optimal steady-state inflation rate, according to standard reasoning, lies between deflation at the steady-state real interest rate and the Calvo-model value of zero, with calibration indicating a larger weight...
Persistent link: https://www.econbiz.de/10009320887
Several arguments are relevant. (1) In the absence of the zero lower bound (ZLB), the optimal steady-state inflation rate, according to standard reasoning, lies between deflation at the steady-state real interest rate and the Calvo-model value of zero, with calibration indicating a larger weight...
Persistent link: https://www.econbiz.de/10010722876
Persistent link: https://www.econbiz.de/10005429741
Persistent link: https://www.econbiz.de/10005429771
Persistent link: https://www.econbiz.de/10005729253