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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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WRAP-discretion-timeless-perspective-model-consistent-stabilization-objectives-Petrella-2014.pdf - Accepted Version - Requires a PDF viewer. Download (485Kb) | Preview |
Official URL: http://dx.doi.org/10.1016/j.econlet.2013.11.004
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 | ||||||||
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| Subjects: | H Social Sciences > HD Industries. Land use. Labor H Social Sciences > HG Finance |
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| 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: |
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| 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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