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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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.

Metadata

Item Type:	Article
Keyword(s) / Subject(s):	Monetary policy, Discretion, Timeless perspective, Loss of social welfare
School:	Birkbeck Faculties and Schools > Faculty of Business and Law > Birkbeck Business School
Depositing User:	Administrator
Date Deposited:	22 Nov 2013 13:56
Last Modified:	02 Aug 2023 17:08
URI:	https://eprints.bbk.ac.uk/id/eprint/8763

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