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Monetary Policy Rules and the Persistence of Inflation and Output

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Author Info
George J. Bratsiotis
Christopher Martin ()

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Abstract

This paper argues that the parameters of monetary policy rules affect the persistence of inflation and output. Persistence is lower if monetary policy emphasises the price level or if there is an inflation target. A greater emphasis on output increases persistence. There is a simple New Keynesian interpretation of our findings: monetary policy rules affect persistence by affecting real rigidities.

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File URL: http://www.brunel.ac.uk/329/efwps/02-27.pdf
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Publisher Info
Paper provided by Economics and Finance Section, School of Social Sciences, Brunel University in its series Economics and Finance Discussion Papers with number 02-27.

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Length: 8 pages
Date of creation: Sep 2002
Date of revision:
Handle: RePEc:bru:bruedp:02-27

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Postal: Brunel University, Uxbridge, Middlesex UB8 3PH, UK

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