Arbeitspapier

Hyperbolic Discounting and the Phillips Curve

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Autoren

  • Graham
  • L.
  • Snower
  • D.J.
Erscheinungsdatum

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.

Experte IfW Kiel

Info

JEL Classification
E20, E40, E50

Schlagworte

  • monetary policy
  • Phillips-Kurve