Discretion vs. timeless perspective under model-consistent stabilization objectives |
| |
| Authors: | Ivan Petrella Raffaele Rossi Emiliano Santoro |
| |
| Institution: | 1. Birkbeck, University of London, United Kingdom;2. CEPR, United Kingdom;3. Lancaster University, United Kingdom;4. Catholic University of Milan, Italy;5. University of Copenhagen, Denmark |
| |
| 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. |
| |
| Keywords: | E23 E32 E52 |
| 本文献已被 ScienceDirect 等数据库收录！ |
