@article{oai:chuo-u.repo.nii.ac.jp:02000208,
 author = {TSUZUKI,Eiji and 都築,栄司 and ツヅキ,エイジ and SHINAGAWA,Shunsuke and 品川,俊介 and シナガワ,シュンスケ},
 journal = {経済研究所 Discussion Paper, IERCU Discussion Paper},
 month = {Sep},
 note = {application/pdf, This study extends the New Keynesian model to examine the impact of delays in monetary policy implementation on economic stability. The extant literature indicates that if a central bank delays its response to the inflation rate, this policy lag may increase the number of positive roots in the model economy, implying that a time lag associated with inflation-targeting policy causes instability or eliminates indeterminacy. However, cases where a central bank considers multiple target variables but only one of them has a lag have not yet been examined. We analyze the case in which the inflation rate and output are the target variables of policy intervention, wherein a delay occurs in the central bank's response to output. We demonstrate that a policy lag may increase the number of negative roots in the dynamic system, implying that instability rather than indeterminacy may be eliminated by a policy lag.},
 title = {Impact of Delays in Policy Implementation on Economic Stability under Sticky Prices},
 volume = {391},
 year = {2023}
}