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. © 2013 Elsevier B.V.
Petrella, I., Rossi, R., Santoro, E., Discretion vs. timeless perspective under model-consistent stabilization objectives, <<ECONOMICS LETTERS>>, 2013; 122 (1): 84-88. [doi:10.1016/j.econlet.2013.11.004] [https://hdl.handle.net/10807/233109]
Discretion vs. timeless perspective under model-consistent stabilization objectives
Santoro, Emiliano
Membro del Collaboration Group
2014
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. © 2013 Elsevier B.V.
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