Monetary Policy When Wages Are Downwardly Rigid: Friedman Meets Tobin

Jinill Kim and Francisco Ruge-Murcia

Cahiers de recherche from Universite de Montreal, Departement de sciences economiques

Abstract: In a monetary economy with downwardly rigid wages, the central banker should target a low, but strictly positive, inflation rate.

Keywords: Downward nominal wage rigidity, Asymmetric effects of monetary policy, Optimal inflation; Nonlinear dynamics (search for similar items in EconPapers)
JEL-codes: E4 E5 (search for similar items in EconPapers)
Pages: 25 pages
Date: 2009
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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http://hdl.handle.net/1866/3999 (application/pdf)

Related works:
Journal Article: Monetary policy when wages are downwardly rigid: Friedman meets Tobin (2011)
Working Paper: Monetary Policy When Wages Are Downwardly Rigid: Friedman Meets Tobin (2009)
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Persistent link: https://EconPapers.repec.org/RePEc:mtl:montde:2009-14

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