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dc.contributor.authorCANOVA, Fabio
dc.date.accessioned2011-04-20T14:03:34Z
dc.date.available2011-04-20T14:03:34Z
dc.date.issued1992
dc.identifier.citationJournal of Monetary Economics, 1992, 30, 2, 255-275
dc.identifier.issn0304-3932
dc.identifier.urihttp://hdl.handle.net/1814/16755
dc.description.abstractIn post-WWII experience U.S. monetary authorities have attempted to eliminate seasonal fluctuations in prices and nominal interest rates. Developments in financial markets and recently discovered empirical regularities regarding the seasonal cycle seem to make these activities questionable. Using a money-in-the-utility-function model this paper analyzes the welfare properties of price and interest rate smoothing policies and the sense in which the distinction between seasonal and cyclical fluctuations is relevant. It is shown that smoothing policies are welfare improving, but not optimal, and that the origin of the shocks, not the persistence of the fluctuations, is relevant in formulating policies.
dc.relation.isbasedonhttp://hdl.handle.net/1814/401
dc.titlePrice Smoothing Policies - A Welfare Analysis
dc.typeArticle
dc.identifier.doi10.1016/0304-3932(92)90062-7
dc.neeo.contributorCANOVA|Fabio|aut|
dc.identifier.volume30
dc.identifier.startpage255
dc.identifier.endpage275
eui.subscribe.skiptrue
dc.identifier.issue2
dc.description.versionThe article is a published version of EUI ECO WP; 1992/102


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