ABSTRACT. Barseghyan and DiCecio generalize Albanesi et al.'s model by allowing sticky-price firms to revise their price in response to the monetary authority's action by paying a menu cost. Yellen asserts that global factors may impact inflation in the medium term, just as higher productivity growth is now widely recognized to have put downward pressure on inflation during the second half of the 1990. Wagner argues that for certain emerging market economies, pegged exchange rate regimes can be workable, despite substantial involvement with global financial markets. Gavin et al. point out that policymakers closely monitor long-term interest rates because they reflect expectations about future policy (investors pay to insure against long-run risks).



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