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"We introduce rule-of-thumb consumers in an otherwise standard dynamic sticky price model, and show how their presence can change dramatically the properties of widely used interest rate rules. In particular, the existence of a unique equilibrium is no longer guaranteed by an interest rate rule that satisfies the so called Taylor principle. Our findings call for caution when using estimates of interest rate rules in order to assess the merits of monetary policy in specific historical periods"--National Bureau of Economic Research web site.
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Rule-of-thumb consumers and the design of interest rate rules
2004, National Bureau of Economic Research
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in English
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Rule-of-thumb consumers and the design of interest rate rules
2004, National Bureau of Economic Research
in English
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Edition Notes
Also available in print.
Includes bibliographical references.
Title from PDF file as viewed on 1/14/2005.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.
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