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Alves et al., 2024 - Google Patents

Are New Keynesian Models Useful When Trend Inflation is Not Low?

Alves et al., 2024

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Document ID
10054598171678176368
Author
Alves S
Khan H
Publication year
Publication venue
Chair in macroeconomics and forecasting, University of Quebec in Montreal's School of Management Working Papers

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Snippet

The equilibrium in the standard New Keynesian (NK) model with Calvo-pricing becomes explosive at low levels of trend inflation (between 4 to 7 percent). Even halfway before that threshold, optimal prices, price dispersion and costs rise fast to very large levels, and output …
Continue reading at chairemacro.esg.uqam.ca (PDF) (other versions)

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