Discretion vs. timeless perspective under model-consistent stabilization objectives

Ivan Petrella; Raffaele Rossi; Emiliano Santoro

doi:10.1016/j.econlet.2013.11.004

Discretion vs. timeless perspective under model-consistent stabilization objectives

Ivan Petrella, Raffaele Rossi, Emiliano Santoro^*

^*Autore corrispondente per questo lavoro

Risultato della ricerca: Contributo in rivista › Articolo in rivista

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. © 2013 Elsevier B.V.

Lingua originale	English
pagine (da-a)	84-88
Numero di pagine	5
Rivista	Economics Letters
Volume	122
DOI	https://doi.org/10.1016/j.econlet.2013.11.004
Stato di pubblicazione	Pubblicato - 2014

Keywords

Discretion
Loss of social welfare
Monetary policy
Timeless perspective

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10.1016/j.econlet.2013.11.004

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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. {\textcopyright} 2013 Elsevier B.V.",

keywords = "Discretion, Loss of social welfare, Monetary policy, Timeless perspective, Discretion, Loss of social welfare, Monetary policy, Timeless perspective",

author = "Ivan Petrella and Raffaele Rossi and Emiliano Santoro",

year = "2014",

doi = "10.1016/j.econlet.2013.11.004",

language = "English",

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journal = "Economics Letters",

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T1 - Discretion vs. timeless perspective under model-consistent stabilization objectives

AU - Petrella, Ivan

AU - Rossi, Raffaele

AU - Santoro, Emiliano

PY - 2014

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N2 - 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. © 2013 Elsevier B.V.

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. © 2013 Elsevier B.V.

KW - Discretion

KW - Loss of social welfare

KW - Monetary policy

KW - Timeless perspective

KW - Discretion

KW - Loss of social welfare

KW - Monetary policy

KW - Timeless perspective

UR - http://hdl.handle.net/10807/233109

U2 - 10.1016/j.econlet.2013.11.004

DO - 10.1016/j.econlet.2013.11.004

M3 - Article

SN - 0165-1765

VL - 122

SP - 84

EP - 88

JO - Economics Letters

JF - Economics Letters

ER -

Discretion vs. timeless perspective under model-consistent stabilization objectives

Abstract

Keywords

Accesso al documento

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