Federal Reserve Bank of Cleveland: Output-Inflation Trade-offs and the Optimal Inflation Rate
July 03, 2020
July 03, 2020
CLEVELAND, Ohio, July 3 -- The Federal Reserve Bank of Cleveland issued the following white paper by contributing author Takushi Kurozumi and senior research economist Willem Van Zandweghe entitled "Output-Inflation Trade-offs and the Optimal Inflation Rate":
Abstract
In staggered price models, a non-CES aggregator of differentiated goods generates empirically plausible short- and long-run trade-offs between output and inflation: lower trend inflation flatten . . .
Abstract
In staggered price models, a non-CES aggregator of differentiated goods generates empirically plausible short- and long-run trade-offs between output and inflation: lower trend inflation flatten . . .