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    Discretion vs. timeless perspective under model-consistent stabilization objectives

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

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    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: Article
    Keyword(s) / Subject(s): Monetary policy, Discretion, Timeless perspective, Loss of social welfare
    School: Birkbeck Schools and Departments > School of Business, Economics & Informatics > Economics, Mathematics and Statistics
    Depositing User: Administrator
    Date Deposited: 22 Nov 2013 13:56
    Last Modified: 14 Feb 2014 10:35


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