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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 ISSN 0165-1765.
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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 | ||||||||
Date of first compliant deposit: | 10 May 2017 | ||||||||
Date of first compliant Open Access: | 10 May 2017 |
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