long-run analysis in alternative optimizing monetary - Academica-e

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7&7
0,8
2&7
&,$
% change in output
0
-0.5
-1
-1.5
0
10
20
30
40
50
Inflation
Iljxuh 4= Frpsdulvrq dprqj wkh prghov L1 Shufhqw fkdqjh lq vwhdg|0vwdwh rxwsxw zkhq vwhdg|0vwdwh
lq dwlrq ulvhv iurp 3( wr 83( shu |hdu1
7;
Welfare cost (% of output)
7&7
2&7
0,8
&,$
1
0.8
0.6
0.4
0.2
0
0
10
20
30
40
50
inflation
Iljxuh 5= Frpsdulvrq dprqj wkh prghov LL1 Zhoiduh frvw ri lq dwlrq dv shufhqwdjh ri rxwsxw lq
vwhdg|0vwdwh zkhq vwhdg|0vwdwh lq dwlrq ulvhv iurp 3( wr 83( shu |hdu1
7<
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