Nominal Exchange Rate Anchoring Under Inflation Inertia

Nominal Exchange Rate Anchoring Under Inflation Inertia
This paper develops a theory of inflation inertia based on forward looking staggered price setting in the nontradable goods sector of a small open economy. Unlike current theories of sticky prices, transitions to a lower steady state inflation rate take time even if they are fully credible, and they are associated with significant output losses... READ MORE...

Publication date: February 2002
ISBN 9781451844924
$15.00

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