On the Welfare Costs of Monetary Policy
Department of Economics, University of Quebec at Montreal
Medium-scale New Keynesian DSGE with trend inflation, trend growth from neutral and investment-specific technology, roundabout production structure with intermediate inputs, Calvo price and wage stickiness, habit formation, investment adjustmen
intermediate firms: monopolistic competition with Calvo pricing; final firms: perfect competition CES aggregator
Table 13 p.24
Post-1984 alternative calibration with trend growth