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The Inflation Bias under Calvo and Rotemberg Pricing.
(University of Glasgow, 2014-06-19)
New Keynesian models rely heavily on two workhorse models of nominal inertia - price contracts of random duration (Calvo, 1983) and price adjustment costs (Rotemberg, 1982) - to generate a meaningful role for monetary ...
Monetary Policy in Times of Financial Stress.
(University of Glasgow, 2014-07)
Some studies argue that the Fed reacts to financial market developments. Using data covering the period 1985:Q1 - 2008:Q4 and employing an augmented Taylor rule specification, we re-examine that conjecture. We find that ...