US EditionMaybe the price puzzle and NK model are right after all
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Maybe the price puzzle and NK model are right after all
I recently ran in to a lovely paper by Neil White at Amherst, “The new Keynesian Price Puzzle: Reinterpreting Inflation Dynamics.” This post is closely related to my last one on the Lucas Phillips curve and that line of work. Here is White’s Figure 1. These are four famous VARs that measure the effects of monetary policy. On the left you can see how the Federal Funds Rate responds to a shock. Conceptually, suppose the Fed wakes up one day, raise…
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