English, Article, Journal or magazine article edition: The Impact of Trend Inflation in an Open Economy Model Emilio Fernandez-Corugedo

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Bookmark: http://trove.nla.gov.au/version/47694
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • The Impact of Trend Inflation in an Open Economy Model
Author
  • Emilio Fernandez-Corugedo
Physical Description
  • preprint
Notes
  • Most New Keynesian models are derived under the assumption that inflation is equal to zero in the steady-state and yet most central banks around the world have inflation targets that are greater than such a number. In this paper we consider the open economy (welfare) implications of non-zero steady-state inflation rates both in the domestic and foreign economies. We show that higher inflation rates in the steady-state, both in the domestic and foreign economies, reduce welfare in the domestic economy. We also show that high domestic inflation rates in the steady-state have a more adverse effect on domestic welfare than high foreign inflation rates.
  • Optimal Monetary Policy, Trend Inflation, Open Economy Macroeconomics
  • RePEc:bdm:wpaper:2007-15
Language
  • English
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