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- W3131381570 abstract "We study the dynamics of the cost-channel of monetary transmission mechanism using a New-Keynesian model with nonzero steady state inflation. We show that the effects of the cost-channel depend almost entirely on the level of trend inflation in the economy. These results are demonstrated analytically and numerically by focusing on the impact of monetary policy shocks on the response of inflation and output." @default.
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- W3131381570 date "2021-04-01" @default.
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- W3131381570 title "The cost-channel of monetary transmission under positive trend inflation" @default.
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- W3131381570 doi "https://doi.org/10.1016/j.econlet.2021.109802" @default.
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