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Habit Formation and the Persistence of Monetary Shocks
(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 ...
Does the Barro-Gordon Model Explain the Behavior of US Inflation? a Reexamination of the Empirical Evidence
(Université de Montréal. Département de sciences économiques., 2002)
This paper tests the predictions of the Barro-Gordon model using US data on
inflation and unemployment. To that end, it constructs a general game-theoretical model
with asymmetric preferences that nests the Barro-Gordon ...
Some Implications of the Zero Lower Bound on Interest Rates for the Term Structure and Monetary Policy
(Université de Montréal. Département de sciences économiques., 2002)
In an economy where cash can be stored costlessly (in nominal terms), the
nominal interest rate is bounded below by zero. This paper derives the implications of
this nonnegativity constraint for the term structure and ...