Monetary Discretion, Pricing Complementarity and Dynamic Multiple Equilibria
收藏NBER2003-08-01 更新2025-01-04 收录
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https://www.nber.org/papers/w9929
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资源简介：
In a plain-vanilla New Keynesian model with two-period staggered price-setting, discretionary monetary policy leads to multiple equilibria. Complementarity between the pricing decisions of forward-looking firms underlies the multiplicity, which is intrinsically dynamic in nature. At each point in
提供机构：
美国国家经济研究局
创建时间：
2003-08-01
