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

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	Inglese
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

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