Hyperbolic Discounting and the Phillips Curve

Using a standard dynamic general equilibrium model, we show that the interaction of staggered nominal contracts with hyperbolic discounting leads to inflation having significant long-run effects on real variables.

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Year of publication:	2008-04
Authors:	Graham, Liam ; Snower, Dennis J.
Institutions:	Institute for the Study of Labor (IZA)
Subject:	inflation \| unemployment \| Phillips curve \| nominal inertia \| monetary policy \| dynamic general equilibrium

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Extent:	application/pdf
Series:	IZA Discussion Papers.
Type of publication:	Book / Working Paper
Language:	English
Notes:	Number 3477 32 pages
Classification:	E20 - Consumption, Saving, Production, Employment, and Investment. General ; E40 - Money and Interest Rates. General ; E50 - Monetary Policy, Central Banking and the Supply of Money and Credit. General
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005763519