Discretion vs. timeless perspective under model-consistent stabilization objectives

I. Petrella; R. Rossi; E. Santoro

doi:10.1016/j.econlet.2013.11.004

Discretion vs. timeless perspective under model-consistent stabilization objectives

I. Petrella, R. Rossi, E. Santoro

Economics

Research output: Contribution to journal › Article › peer-review

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.

Original language	English
Journal	Economics Letters
DOIs	https://doi.org/10.1016/j.econlet.2013.11.004
Publication status	Published - 1 Jan 2014

Keywords

Discretion; Loss of social welfare; Monetary policy; Timeless perspective

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

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10.1016/j.econlet.2013.11.004

Cite this

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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.",

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

author = "I. Petrella and R. Rossi and E. Santoro",

year = "2014",

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AU - Rossi, R.

AU - Santoro, E.

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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.

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DO - 10.1016/j.econlet.2013.11.004

M3 - Article

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JO - Economics Letters

JF - Economics Letters

ER -

Discretion vs. timeless perspective under model-consistent stabilization objectives

Abstract

Keywords

UN SDGs

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