Reconciling the New Keynesian model with observed persistence The views expressed are those of the author and do not necessarily reflect the views of the Bank of Finland. This project arose from discussions with Juha Tarkka and Jouko Vilmunen. I am very grateful to Juha for his enthusiasm for the project, valuable discussions, and substantial input, which significantly improved the paper. I would also like to thank Jouko and Mika Kortelainen for their many quality suggestions and technical advice. Suomen Pankin keskustelualoitteit
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