This paper provides an explanation for an important institutional feature of staggered time-dependent adjustment rules assumed in a number of macroeconomic models (Fischer, 1977; taylor, 1980; Blanchard, 1986).
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Paper provided by Australian National University - Department of Economics in its series Papers with number
317.
Length: 31 pages Date of creation: 1997 Date of revision: Handle: RePEc:fth:aunaec:317
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