Discretion vs. Timeless Perspective under Model-consistent Stabilization Objectives

I Petrella; R Rossi; Emiliano Santoro

doi:10.1016/j.econlet.2013.11.004

Discretion vs. Timeless Perspective under Model-consistent Stabilization Objectives

I Petrella, R Rossi, Emiliano Santoro

Department of Economics

1 Citation (Scopus)

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.

Original language	English
Journal	Economics Letters
Volume	122
Issue number	1
Pages (from-to)	84-88
Number of pages	5
ISSN	0165-1765
DOIs	https://doi.org/10.1016/j.econlet.2013.11.004
Publication status	Published - Jan 2014

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title = "Discretion vs. Timeless Perspective under Model-consistent Stabilization Objectives",

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.",

author = "I Petrella and R Rossi and Emiliano Santoro",

year = "2014",

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AB - 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.

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DO - 10.1016/j.econlet.2013.11.004

M3 - Journal article

SN - 0165-1765

VL - 122

SP - 84

EP - 88

JO - Economics Letters

JF - Economics Letters

IS - 1

ER -

Discretion vs. Timeless Perspective under Model-consistent Stabilization Objectives

Abstract

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