Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
965961 | Journal of Macroeconomics | 2009 | 14 Pages |
Abstract
We find that, if inertias are present, monetary policy affects the adjustment path following reform implementation. In general, the more expansionary (or the less contractionary) the policy is, the faster the recovery to the new steady-state equilibrium is, and therefore the lower the transition costs are.
Keywords
Related Topics
Social Sciences and Humanities
Economics, Econometrics and Finance
Economics and Econometrics
Authors
Alvaro Aguiar, Ana Paula Ribeiro,