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Great Inflation, Limited Asset Market Participation, Passive Monetary Policy
Great inflation, great moderation, limited asset markets participation, passive monetary policy rules
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inflation, output gap growth and nominal income growth targeting., discretion and commitment, inertia, optimal delegation, stabilization bias, time inconsistency, timeless-optimal policy
fiscal policy, Frisch elasticity of labor supply, government spending, non-separable preferences, private consumption, sticky prices