Discretion vs. timeless perspective under model-consistent stabilization objectives

C-Tier

Journal: Economics Letters

Year: 2014

Volume: 122

Issue: 1

Pages: 84-88

Authors (3)

Petrella, Ivan (Centre for Economic Policy Res...) Rossi, Raffaele (University of Manchester) Santoro, Emiliano (Københavns Universitet)

Score contribution per author:

0.335 = (α=2.01 / 3 authors) × 0.5x C-tier

α: calibrated so average coauthorship-adjusted count equals average raw count

View Full Article View on IDEAS/RePEc

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.

Discretion vs. timeless perspective under model-consistent stabilization objectives

Authors (3)

Abstract

Technical Details