Discretion vs. timeless perspective under model-consistent stabilization objectives

Petrella, Ivan and Rossi, Raffaele and Santoro, Emiliano (2014) Discretion vs. timeless perspective under model-consistent stabilization objectives. Economics Letters, 122 (1). pp. 84-88. ISSN 0165-1765

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Abstract

Recent literature has reported situations in which discretion dominates timeless perspective in the presence of elements that reduce the slope of the New Keynesian Phillips curve. Considering a model-consistent welfare metric inhibits this mechanism in the standard New Keynesian framework.

Item Type:
Journal Article
Journal or Publication Title:
Economics Letters
Uncontrolled Keywords:
/dk/atira/pure/subjectarea/asjc/2000/2002
Subjects:
ID Code:
71059
Deposited By:
Deposited On:
01 Oct 2014 08:54
Refereed?:
Yes
Published?:
Published
Last Modified:
01 Jan 2020 08:59