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Monetary Policy Rules and the Persistence of Inflation and Output

George Bratsiotis () and Christopher Martin ()

Public Policy Discussion Papers from Economics and Finance Section, School of Social Sciences, Brunel University

Abstract: This paper argues that the parameters of monetary policy rules affect the persistence of inflation and output. Persistence is lower if monetary policy emphasises the price level or if there is an inflation target. A greater emphasis on output increases persistence. There is a simple New Keynesian interpretation of our findings: monetary policy rules affect persistence by affecting real rigidities.

Pages: 8 pages
Date: 2002-09
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