Optimal Stabilization Policy When Wages and Prices are Sticky: The Case of a Distorted Steady State
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https://www.nber.org/papers/w10839
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资源简介：
Erceg et al. (2000) show that when both wages and prices are sticky, maximization of expected utility is equivalent to minimizing a loss function with three terms, involving measures of the variability of wage inflation, price inflation and the output gap respectively. Here we generalize their
提供机构：
美国国家经济研究局
创建时间：
2004-10-01
