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  • Endogenous Price Flexibility and Optimal Monetary Policy 

    Sutherland, Alan; Senay, Ozge (Centre for Dynamic Macroeconomic Analysis, 2010) - Working or discussion paper
    Much of the literature on optimal monetary policy uses models in which the degree of nominal price flexibility is exogenous. There are, however, good reasons to suppose that the degree of price flexibility adjusts endogenously ...
  • Ordering policy rules with an unconditional welfare measure 

    Damjanovic, Vladislav; Damjanovic, Tatiana; Nolan, Charles (University of St Andrews, 2011-03) - Working or discussion paper
    The unconditional expectation of social welfare is often used to assess alternative macroeconomic policy rules in applied quantitative research. It is shown that it is generally possible to derive a linear-quadratic problem ...