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(37)

0.0 0.2 0.4 0.6 0.8 1.0 0 50 100 150 200 250 300 350 Steady-state Inflation (%) S e ig n iora ge (% o f G D P )

3$Z dU Ns& {Z% I$%I Ak RZAR$Z$t Y tBtTj$ts 8BIj BP 8Btk I8stI weJZs$Bt xD $t R$t$Bs Iht$$Bt weJZs$Bt D 7$t$Bs $R RYBbt sR s }{ts BP p*_ stI Isbt PB %s$BZR RsIkTRs $t4s$Bt sR p*_ $R Y d j%j BP BRR IB8R${ }BIZ{ {B8}ZI PB8 -}tI$ZR R$I 7BZ{U *ssAst, BP ]tsj st, BP qZ,k

(38)

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$8R Y tZ8A BP JZs$BtR

(39)

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@_{7 e{,R$t stI N$I8st wd1D}

(40)

* s Y RYs BP $tIZR$sj }BIZ{$Bt $t p*_ $t d Rs8}j 8st BP Y s BP {Yst $t }B}Zjs$Bt stI Y Rs8}j 8st BP BbY s BP $tIZR$sj }BIZ{$Bt $tI- R}{$%jk *Z B Iss $ts%s$jsA$j$k BP 8BtYjk {BtRZ8}$Bt $t qZ,k $tIZR$sj }BIZ{$Bt $tI- $R s,t sR s }B-k PB sj {BtRZ8}$Bt

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B d stI Yt{ {jBR B Y %sjZ R$8sI b$Y p

(41)

GjPs jBRR w3$Z xD sR s }{ts BP p*_ $R sjbskR s Yst R$t$BT s %tZ $tI${s$t Y Y$Y {BRR BP %tZ YBZY 8Btk {s$Bt B Y RBT {$k VARBjZ %sjZ BP Y $t4s$Bt jsR${$k b$Y R}{ B s }{ts {Yst $t $t4s$Bt w6D bY${Y $R RYBbt $t 3$Z ; s{YR s 8s-$8Z8 BP x10 s n(0 BP $t4s$Bt Yt I{j$tR B 1(0 bYt $t4s$Bt s{YR n(( }{t

(42)

0.0 0.2 0.4 0.6 0.8 1.0 0 50 100 150 200 250 300 350 Steady-state Inflation (%) SR ( % o f G D P)

3$Z 1U 7$t$Bs B p*_ s$B weJZs$Bt d;D Isbt PB %s$BZR RsIkTRs $t4s$Bt sR p*_U d j%j BP BRR IB8R${ }BIZ{ {sj{ZjsI PB8 Y -}tI$ZR R$I 7BZ{U *ssAst, BP ]tsj st, BP qZ,k

(43)

0 20 40 60 80 100 120 140 0 50 100 150 200 250 300 350 Steady-state Inflation (%) C h a nge i n S R ( % )

3$Z nU _{ts ]Yst $t Y 7$t$Bs B p*_ is$B BP eJZs$Bt d; s %s$BZR RsIkTRs $t4s$Bt sR

(44)

0 10 20 30 40 50 60 0 50 100 150 200 250 300 350 E la s ti c ity ( % ) Steady-state Inflation (%)

3$Z ;U yt4s$Bt jsR${$k BP 8Btk I8stI b$Y R}{ B s }{ts {Yst $t Y RsIkTRs $t4s$Bt s weJZs$Bt dED

(45)

0 2 4 6 8 10 12 0 50 100 150 200 250 300 350 Steady-state Inflation (%) W e lfar e L o s s ( % of G D P ) 3$Z xU GjPs jBRR BP $t4s$Bt sR s }{ts BP p*_ weJZs$Bt dD p*_U d j%j BP BRR IB8R${ }BIZ{ {sj{ZjsI PB8 Y -}tI$ZR R$I 7BZ{U *ssAst, BP ]tsj st, BP qZ,k

(46)

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(47)

yt sII$$Bt RZjR RYBb Ys R$t$Bs 8s-$8$9$t $t4s$Bt R$8sR s RtR$$% B Y {YB${ BP Y 8Btk I8stI R}{$h{s$Bt e%t $P Y ' R$8sR s tB PBZtI B A R$t$h{stjk I$&t PB8 d js-$t Y sRRZ8}$Bt BP s {BtRst R8$TjsR${$k $8}B%R Y R$8sR BP R$t$Bs 8s-$8$9$t sR Vj8BR $t sjj RR$BtR BP qsAjR d YBZY n s P R$8s BP ' $%R tZ8${sj $ _R$8sR

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(48)

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(49)

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(50)

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