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Monetary policy and core inflation

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  • Lenza, Michele

Abstract

This paper studies optimal monetary policy responses in an economy featuring sectorial heterogeneity in the frequency of price adjustments. It shows that a central bank facing heterogeneous nominal rigidities is more likely to behave less aggressively than in a fully sticky economy. Hence, the supposedly excessive caution in the conduct of monetary policy shown by central banks could be partly explained by the existence of a relevant sectorial dispersion in the frequency of price adjustments. JEL Classification: E43, E52, E58

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Bibliographic Info

Paper provided by European Central Bank in its series Working Paper Series with number 0837.

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Date of creation: Dec 2007
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Handle: RePEc:ecb:ecbwps:20070837

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Keywords: core inflation; elasticity of intertemporal substitution; heterogeneity; nominal rigidity;

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  1. Emmanuel Dhyne & Luis J. Álvarez & Hervé le Bihan & Giovanni Veronese & Daniel Dias & Johannes Hoffmann & Nicole Jonker & Patrick Lünnemann & Fabio Rumler & Jouko Vilmunen, 2005. "Price setting in the euro area: Some stylized facts from Individual Consumer Price Data," Banco de Espa�a Working Papers 0528, Banco de Espa�a.
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Cited by:
  1. Silke Tober & Tobias Zimmermann, 2008. "Monetary policy and commodity price shocks," IMK Working Paper 16-2008, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.

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