Optimal Inflation Stabilization in a Medium-Scale Macroeconomic Model
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This paper characterizes Ramsey-optimal monetary policy in a medium-scale macroeconomic model that has been estimated to fit well postwar U.S.\ business cycles. We find that mild deflation is Ramsey optimal in the long run. However, the optimal inflation rate appears to be highly sensitive to the
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美国国家经济研究局创建时间：
2005-12-01
