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Conference Paper
Can the central bank achieve price stability?
Journal Article
Pollution pricing
Journal Article
Phase 3 1/2
Journal Article
Farmers face Phase IV
Journal Article
The case for price stability
The testimony of Cleveland Federal Reserve Bank President W. Lee Hoskins before the U.S. House of Representatives' Subcommittee on Domestic Monetary Policy, supporting House Joint Resolution 409, which would establish achievement of price stability as the primary policy goal of the central bank.
Journal Article
Facing Phase IV
Journal Article
Conflicting goals
Report
Sticky price models of the business cycle: can the contract multiplier solve the persistence problem?
We construct a quantitative equilibrium model with price setting and use it to ask whether with staggered price setting monetary shocks can generate business cycle fluctuations. These fluctuations include persistent output fluctuations along with the other defining features of business cycles, like volatile investment and smooth consumption. We assume that prices are exogenously sticky for a short period of time. Persistent output fluctuations require endogenous price stickiness in the sense that firms choose not to change prices very much when they can do so. We find that for a wide range of ...
Journal Article
Can the central bank achieve price stability?