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Persistence, The Transmission Mechanism And Robust Monetary Policy

Ignazio Angeloni (), Günter Coenen () and Frank Rafael Smets

Scottish Journal of Political Economy, 2003, vol. 50, issue 5, pages 527-549

Abstract: In this paper we first explore the impact of nominal and real persistence on the transmission process of various shocks in an estimated DSGE model of the euro area. We then analyse its impact on optimal monetary policy and investigate the performance of various monetary policies when the policy maker is uncertain about the degree of nominal and real persistence. Copyright (c) Scottish Economic Society 2003.

Date: 2003
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