We derive a closed-form solution for the model, and analyze its properties under
various parameter values. The model is used to explore topics relating to the e ects of
disinflationary monetary policies and inflation persistence. In particular, we employ the
model to illustrate and assess the critique that standard sticky-price models generate
counterfactual predictions for the e ects of monetary policy... displayed 300 characters
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Mailing address: Mail Stop 80, 20th and C Streets NW, Washington, DC 20551.
E-mail: jeremy.b.rudd@frb.gov.
E-mail: karl.whelan@centralbank.ie. We thank Gregory Mankiw and Olivier Blanchard for useful dis-
cussions on several of the topics considered here. The views expressed in this paper are our own, and do
not necessarily reflect the views of the Board of Governors, the sta of the Federal Reserve System, or the
Central Bank of Ireland... displayed 300 characters
