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On the risk of long-run deflation |
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| Authors: | Demosthenes N Tambakis |
| Institution: | Pembroke College, University of Cambridge, Cambridge CB2 1RF, UK |
| Abstract: | I determine expected long-run inflation in a two-state New Keynesian model driven by natural interest-rate uncertainty. Monetary policy switches between discretion in ‘normal times’ and zero-lower-bound episodes when it is passive. Long-run US inflation ranges from −1.8% to +1.2% p.a. |
| Keywords: | E31 E52 E58 |
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