Imperfect price adjustment and the optim
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Mark Gertler
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Article
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1979
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Elsevier Science
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English
β 822 KB
The paper considers the coordination of monetary and fiscal policy for a closed economy with the following properties: a Keynesian short-run, a classical steady state and serially cori'elated price adjustment. Given a set of plausible targets, the system is perfectly controllable in the sense of Aok