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| Author: | Ireland, P. |
| Title: | Stopping inflations, big and small |
| Journal: | Journal of Money, Credit and Banking
1997 : NOV, 29:4/2, p. 759-775 |
| Index terms: | MONEY INFLATION WORK |
| Language: | eng |
| Abstract: | Previous studies of disinflation work with models in which firms use time-dependent strategies, changing nominal prices at intervals of fixed length. These models may be criticized for failing to allow pricing behavior to adjust after a large shift in policy regime. Consequently, this paper develops a model that permits firms to adopt strategies that are partially state dependent, changing nominal prices whenever they depart sufficiently from their target values. |
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