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Endogenous Growth, Monetary Shocks and Nominal RigiditiesBarbara AnnicchiaricoUniversity of Rome II - Department of Economics and Law Alessandra PelloniUniversity of Rome II, Department of Economics Lorenza RossiUniversity of Rome II - Faculty of Economics; Government of the Italian Republic (Italy) - National Institute of Statistics (Istat) February 1, 2011 CEIS Tor Vergata Research Paper Series, Vol. 9, No. 3, p. 187, February 2011 Abstract: We introduce endogenous growth in an otherwise standard NK model with staggered prices and wages. Some results follow: (i) monetary volatility negatively affects long-run growth; (ii) the relation between nominal volatility and growth depends on the persistence of the nominal shocks and on the Taylor rule considered; (iii) a Taylor rule with smoothing increases the negative effect of nominal volatility on mean growth.
Number of Pages in PDF File: 13 Keywords: Growth, volatility, business cycle, monetary policy JEL Classification: E32, E52, 042 working papers seriesDate posted: March 9, 2011Suggested CitationContact Information
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