Is There a Trade-Off between Inflation and Output Stabilization?
38 Pages Posted: 6 Jun 2011
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Is There a Trade-Off between Inflation and Output Stabilization?
Date Written: June 2011
Abstract
Not in an estimated DSGE model of the US economy, once we account for the fact that most of the high-frequency volatility in wages appears to be due to noise, rather than to variation in workers' preferences or market power.
Keywords: optimal policy, output gap, potential output
JEL Classification: E30, E52
Suggested Citation: Suggested Citation
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