Staggered Price and Trend Inflation:Some Nuisances
Guido Ascari ()
No 10, Royal Economic Society Annual Conference 2002 from Royal Economic Society
Most of the papers in the sticky-price literature are based on a log-linearisation around the zero inflation steady state, a simplifying but counterfactual assumption. This paper shows that when trend inflation is considered, both\ the long-run and the short run properties of time dependent staggered price models change dramatically. It follows that the results obtained by models log-linearised around a zero inflation steady state might be misleading.
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Journal Article: Staggered Prices and Trend Inflation: Some Nuisances (2004)
Working Paper: Staggered prices and trend inflation: some nuisances (2004)
Working Paper: Staggered prices and trend inflation: Some nuisances (2003)
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