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The productivity gap: Monetary policy, the subprime boom, and the post-2001 productivity surge
(Elsevier, 2015-03)
It is widely believed that, in the wake of the dot.com crash, the Fed kept the federal funds target rate too low for too long, inadvertently contributing to the subprime boom. We attribute this and other Fed departures ...
The reset inflation puzzle and the heterogeneity in price stickiness
(Elsevier, 2015-11)
New Keynesian models have been criticised on the grounds that they require implausibly large price shocks to explain inflation. Bils et al. (2012) show that, while these shocks are needed to reduce the excessive inflation ...
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