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Monetary Shocks and Inflation Dynamics in the New Keynesian Model
- Journal of Money, Credit, and Banking
- The Ohio State University Press
- Volume 38, Number 2, March 2006
- pp. 543-551
- 10.1353/mcb.2006.0030
- Article
- Additional Information
Abstract
This paper demonstrates that imperfect information and gradual learning is a plausible and promising mechanism for generating realistic inflation and output dynamics in the standard new Keynesian model.
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