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Sectoral Price Rigidity and Aggregate Dynamics
(Université de Montréal. Département de sciences économiques., 2009-02)
In this paper, we study the macroeconomic implications of sectoral heterogeneity and, in particular, heterogeneity in price setting, through the lens of a highly disaggregated multi-sector model. The model incorporates ...
Monetary Policy When Wages Are Downwardly Rigid: Friedman Meets Tobin
(Université de Montréal. Département de sciences économiques., 2009-11)
In a monetary economy with downwardly rigid wages, the central banker should target a
low, but strictly positive, inflation rate.
Do Inflation-Targeting Central Banks Implicitly Target the Price Level?
(Université de Montréal. Département de sciences économiques., 2009-12)
This paper reports graphical and statistical evidence that the inflation targeting regimes in Canada and the UK - but not in Australia, New Zealand, or Sweden - actually resemble price-level targeting. In particular, the ...