Understanding the New-Keynesian Model when Monetary Policy Switches Regimes
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We thank Zheng Liu and Richard Rogerson for helpful discussions. The views expressed herein do not necessarily reflect those of the Federal Reserve Bank of Atlanta nor those of the Federal Reserve System. Farmer acknowledges the support of NSF grant SBR 0418174. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.