| Article ID | Journal | Published Year | Pages | File Type |
|---|---|---|---|---|
| 967224 | Journal of Monetary Economics | 2011 | 14 Pages |
Abstract
⺠A customer market model is integrated into the standard New Keynesian framework. ⺠The purely forward-looking Phillips curve is replaced by a hybrid variant. ⺠The welfare cost of inflation is lower because price dispersion is less distortionary. ⺠Optimal monetary policy assigns relatively more weight to output gap stabilization.
Related Topics
Social Sciences and Humanities
Economics, Econometrics and Finance
Economics and Econometrics
Authors
Johan Söderberg,