Monetary Discretion, Pricing Complementarity and Dynamic Multiple Equilibria
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https://www.nber.org/papers/w9929
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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
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美国国家经济研究局创建时间：
2003-08-01
