The American Economic Review, Volume 97American Economic Association., 2007 |
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... inflation rate , x , takes the role of the state variable played by the capital stock in Ramsey's model ; the deviation of the actual inflation rate , f , from x is analogous to the deviation of consumption from income . In this ...
... inflation rate , x , takes the role of the state variable played by the capital stock in Ramsey's model ; the deviation of the actual inflation rate , f , from x is analogous to the deviation of consumption from income . In this ...
Página 601
... inflation 42 4.3 -0.3 2 3 4 2014 15 20 hours 0.21 82 0.8 BI 405 0.01 interest rate FIGURE 5. THE ACTUAL AND MODEL - BASED CROSS- CORRELATION FUNCTION BETWEEN OUTPUT AND INFLATION Note : Output is Hodrick - Prescott filtered real GDP ...
... inflation 42 4.3 -0.3 2 3 4 2014 15 20 hours 0.21 82 0.8 BI 405 0.01 interest rate FIGURE 5. THE ACTUAL AND MODEL - BASED CROSS- CORRELATION FUNCTION BETWEEN OUTPUT AND INFLATION Note : Output is Hodrick - Prescott filtered real GDP ...
Página 623
... inflation and output from demand shocks , raise the volatility of inflation from supply shocks , and lower the volatility of output from supply shocks . Fixed- regime intuition carries over because when the passive regime lasts only one ...
... inflation and output from demand shocks , raise the volatility of inflation from supply shocks , and lower the volatility of output from supply shocks . Fixed- regime intuition carries over because when the passive regime lasts only one ...
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