Monetary Discretion, Pricing Complementarity and Dynamic Multiple Equilibria



[13] Ireland, Peter (1997), “Sustainable Monetary Policies.” Journal of Economic Dy-
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[14] Khan, Aubhik, Robert G. King and Alexander L. Wolman (2001), “The Pitfalls of
Monetary Discretion,” Federal Reserve Bank of Richmond Working Paper 01-8.

[15] Kimball, Miles S. (1995). “The Quantitative Analytics of the Basic Neomonetarist
Model”, Journal of Money, Credit, and Banking, 27, 1241-1277.

[16] King, Robert G. and Alexander L. Wolman (1999), “What Should the Monetary
Authority Do When Prices Are Sticky?” in Monetary Policy Rules, John Taylor, ed.
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[17] Krusell, Per and Jose-Victor Rios-Rull (1999), “On the Size of U.S. Government:
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[18] Kydland, Finn E. and Edward C. Prescott (1977), “Rules Rather than Discretion:
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[19] Rotemberg, Julio J. (1987), “The New Keynesian Microfoundations,” NBER Macro-
economics Annual, MIT Press: Cambridge, MA.

[20] Wolman, Alexander L. (2001), “A Primer on Optimal Monetary Policy in Sticky
Price Models,” Federal Reserve Bank of Richmond Economic Quarterly 87, 27-52.

[21] Woodford, Michael, (2003) Interest and Prices, Princeton University Press: Prince-
ton, NJ, Chapter 3.

35



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