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  • Habit Formation and the Persistence of Monetary Shocks 

    Bouakez, Hafedh; Cardia, Emanuela; Ruge-Murcia, Francisco (Université de Montréal. Département de sciences économiques., 2002)
    This paper studies the persistent effects of monetary shocks on output. Previous empirical literature documents this persistence, but standard general equilibrium models with sticky prices fail to generate output responses beyond the duration of ...