Generating Real Persistent Effects of Monetary Shocks: How Much Nominal Rigidity Do We Really Need?
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This paper attempts to assess whether money can generate persistent economic" fluctuations in dynamic general equilibrium models of the business cycle. We show that a small" nominal friction in the goods market can make the response of output to monetary shocks large" and persistent if it is
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美国国家经济研究局创建时间：
1997-11-01
