Sticky Prices Versus Monetary Frictions: An Estimation of Policy Trade-offs
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We develop a two-sector monetary model with a centralized and decentralized market. Activities in the centralized market resemble those in a standard New Keynesian economy with price rigidities. In the decentralized market agents engage in bilateral exchanges for which money is essential. The model
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美国国家经济研究局创建时间：
2009-04-01
