Backward looking and forward looking solutions to monetary models of inflation with rational expectations |
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| Authors: | Robert P. Flood Peter M. Garber |
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| Affiliation: | The University of Virginia, Charlottesville, VA 22901, USA |
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| Abstract: | We show that an indeterminacy problem, noted by Blanchard, concerning monetary models of inflation with rational expectations may be resolved by requiring solutions for real variables in such models to be invariant to the choice of accounting unit. |
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