文档介绍：EUROPEAN CENTRAL BANK
WORKING PAPER SERIES
INTERNA
ON RESEARCH FORUM
WORKING PAPER NO 178
TIONAL
INFLATION PERSISTENCE AND ARY POLICY
OPTIMAL ARY POLICY
IN THE EURO AREA
BY PIERPAOLO BENIGNO
AND J DAVID LóPEZ-SALIDO
September 2002
EUROPEAN CENTRAL BANK
WORKING PAPER SERIES
INTERNA
WORKING PAPER NO 178 ON RESEARCH FORUM
INFLATION PERSISTENCE AND TIONAL
OPTIMAL ARY POLICY ARY POLICY
IN THE EURO AREA1
BY PIERPAOLO BENIGNO2
AND J DAVID LóPEZ-SALIDO3
September 2002
1 We thank the ments of the participants in the First International Research Forum on ary Policy, July 5-6, 2002, at the
ECB in Frankfurt, and specially those of Andy Levin, Ilian Mihov and Lars Sondergaard, as well as the detailed discussion provided by
Nicoleta Batini and Robert Tetlow. We also thank the continuous feedback provided by Jordi Galí and Fernando Restoy to earlier versions of
the project, as well as participants in seminars at UPF and the Bank of Spain. The views expressed in this paper are those of the authors
and do not represent those of the Banco de España or the European Central Bank.
2 New York University and CEPR
3 Banco de España, Research Department and CEPR
International Research Forum on ary Policy
The International Research Forum on ary Policy is a new series of anised
and sponsored by the European Central Bank, the Board of Governors of the Federal Reserve
System, the Center for German and European Studies at etown University and the Center
for Financial Studies at Goethe University% The conferences aim to provide opportunities to
discuss new research on theoretical and empirical aspects of ary policy that are relevant
from a global perspective%
The Forum will meet regularly at locations alternating between the euro area and the United
States%
The first conference in this new series took place at the European Central Bank on 5
and 6 July 2002) The issues, numbers 174 to 181 of the European Central Bank
Working Paper Ser