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Discretion vs. timeless perspective under model-consistent stabilization objectives

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Petrella, Ivan, Rossi, Raffaele and Santoro, Emiliano (2014) Discretion vs. timeless perspective under model-consistent stabilization objectives. Economics Letters, 122 (1). pp. 84-88. doi:10.1016/j.econlet.2013.11.004

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Official URL: http://dx.doi.org/10.1016/j.econlet.2013.11.004

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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
Subjects: H Social Sciences > HD Industries. Land use. Labor
H Social Sciences > HG Finance
Divisions: Faculty of Social Sciences > Warwick Business School
Library of Congress Subject Headings (LCSH): Monetary policy -- Mathematical models, Banks and banking, Central, Keynesian economics, Cost and standard of living
Journal or Publication Title: Economics Letters
Publisher: Elsevier
ISSN: 0165-1765
Official Date: January 2014
Dates:
DateEvent
January 2014Published
12 October 2013Available
4 November 2013Accepted
Volume: 122
Number: 1
Page Range: pp. 84-88
DOI: 10.1016/j.econlet.2013.11.004
Status: Peer Reviewed
Publication Status: Published
Access rights to Published version: Restricted or Subscription Access

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